As of 2015, the Internal Revenue Service allows taxpayers to deduct items in many categories, including medical and dental expenses, charitable contributions and education expenses, according to the IRS. Business use of the home and vehicle, as well as some business travel and entertainment expenses, are also eligible deductions.Continue Reading
Specific medical and dental expenses that are deductible include some health insurance premiums and long-term care insurance policy payments, explains the IRS. Additional qualifying medical deductions include payments to certain doctors and medical practitioners, inpatient treatment for drug and alcohol rehabilitation, and transportation costs associated with traveling to receive medical care. Payments for insulin equipment, false teeth, prescription eyewear, hearing aids and wheelchairs are also deductible.
Some home expenses are deductible as long as at least part of the home is used for certain business purposes, notes the IRS. Some actions that may qualify the home as a deduction include using the home as the exclusive location for business transactions, as a regular location for storage of business items, or as a rental or daycare facility.
Education expenses that may qualify as deductions include some travel and transportation costs, as well as the cost of typing and research. Books, lab fees, tuition and school supplies are additional items that may qualify as deductions, advises the IRS.Learn more about Income Tax