Free lists of tax deductions, along with explanations of each deduction option, can be found on the websites for accounting firms such as H&R Block, as well as those of individual accountants such as James Martin, CPA. Online tax organizations, such as eFile, also offer free articles explaining tax deductions.Continue Reading
Accounting and tax firm H&R Block offers a wealth of tax information on its website, including detailed articles covering the various types of deductions. Tax deductions are defined as expenses officially recognized by the IRS that allow an individual or business to lower their taxable income. Common examples of tax deductions include money spent on things such as job-related expenses, charitable contributions, interest paid on a mortgage, gambling losses or health care costs such as medical bills or prescription drug costs. Most deductions are reported via the Schedule A form, while costs associated with operating a business or certain medical expenses are reported separately.
The IRS also outlines numerous expenses that cannot be deducted to lower taxable income. For example, any job-related expenses that an individual has reimbursed by her employer cannot be deducted, because the individual did not experience a net decrease in income. Personal expenses, such as vacations or gifts, also cannot be deducted.Learn more about Accounting