There are several types of federal income tax itemized deductions. Taxpayers can attach the deductions with a Schedule A when filing returns. Filing a report of your deductions is a good course of action to minimize your income tax payments.
Types of Itemized Deductions
The following lists are the forms of deduction which you can report on your income tax return:
- Medical and dental expenses - expenses include insurance premiums, prescribed medicines, professional fees for doctors, therapists, other medical providers, laboratory examinations, treatments and hospital costs.
- Deductible taxes - include income taxes paid to the state and local government, sales, real estate and property taxes.
- Paid interests - include home mortgage, insurance premiums on mortgage, investments and student loans.
- Contributions to qualified charitable organizations like churches, nonprofit hospitals, educational institutions, national or local government and public recreations.
- Property losses - include home and related items, vehicles and losses due to theft.
- Expenses on homes used as business office - example: insurance, taxes on real estate and renovations.
- Miscellaneous fees and expenses - employee expenses not refunded, fees paid to professional organizations, job hunting and business licenses.
- Expenses for educational enhancement.
- Travel expenses related to business, job or professional services.
- Expenses on cars used for business related transactions.
- Expenses on business functions and gatherings.
