What are some IRS deductions for 2014?


Quick Answer

Some IRS deductions for the tax year 2014 include the payment of a babysitter for a taxpayer to do volunteer work, unusual business expenses and the cost of looking for a job, explains Turbo Tax. Other deductions include charitable gift donations and a teacher's out-of-pocket expenses to supply her classroom.

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Full Answer

The Internal Revenue Service allows qualified K-12 teachers to deduct up to $250 for materials they purchased for their classrooms, explains Turbo Tax. This amount is subtracted from the teacher's income, so teachers may use this deduction even if they don't itemize.

The charitable organization deduction includes out-of-pocket expenses for charitable work as well as goods or monetary donations made to qualifying charitable entities. The unusual business expense deduction includes costs a person used in their business that may be out of the ordinary. Examples include body oil a body builder used during a competition or a junkyard owner's cost of cat food used to feed cats who help keep mice and rats away, explains Turbo Tax.

Job searching deductions include any expense used for job searching that goes over 2 percent of your gross income can be deducted, states Turbo Tax. Regarding paying for a babysitter as a deduction, taxpayers may be able to deduct the cost of a babysitter was paid while the taxpayer worked for no pay for a recognized charity.

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