Home mortgage interest and property taxes, charitable contributions, educational expenses, and several medical and dental expenses are eligible for tax deductions, according to the IRS. Selected job expenses and disaster, casualty or theft losses are possibly deductible as well.Continue Reading
Child and dependent care, individual retirement account and 401(k) contributions, student loan interest, and home office expenses are other examples of personal tax deductions, reports Forbes. Individuals may be eligible to claim a tax deduction if they need to pay someone else to care for their dependents while they look for work. As of July 2015, the tax credit can range from 20 to 35 percent, depending on the taxpayer's income.
Student loan interest payments are eligible to a set annual tax deduction for the entire lifetime of the loan, notes Forbes, but this deduction is not applicable if the taxpayer goes over the income limit. Individuals who use a part of their home exclusively for business use can also deduct home expenses related to that specific section, such as repair costs or a percentage of the insurance.
Additional items on a personal tax deductions list include job-hunting expenses and military reservists' travel costs, according to Kiplinger. Job-hunting expenses qualify for deductions if taxpayers were searching for a position in the same line of work as their current or previous jobs. Some deductible costs include taxi fares, food and accommodation expenses, employment agency costs, and advertising fees.Learn more about Income Tax