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How to Take Federal Income Tax Deductions

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From Quick Guide: Tax Relief Basics

Summary: A few typical tax deductions that most people are able to take involve doctor's and dentist bills, as well as homeowner and property taxes. Understand all the important details of what can and can not be claimed as deductions on a tax return with tips from an experienced tax professional in this free video on tax deductions.

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By Kristen Brand
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Kristen Brand has over eight years of accounting experience. She is a CPA in Florida and is a practitioner in Florida's Certified Audit Program for sales and use tax. This designation...read more

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Video Transcript

"Hi. Do you spend a lot of money and wonder if you can use that to your advantage? I know I do. I'm Kristen Brand, and I'm going to show you what kinds of things you spend money on that you can take as a federal deduction on your tax return. The first place to look is actually in the form itself. If you can pull some of these forms out, the first place to look is on the form 1040, schedule A. This will give you a list of items that are actually tax deductible. One of the first on the list is medical and dental expenses. So the most things that you spend at the dentist or at the doctor's office will be tax deductible, including the mileage to and from these places. One of the other items is taxes that you pay. So, for instance, if you pay taxes on property taxes for your house, or if you pay sales tax on the items that you buy, or state taxes on the wages that you make in certain states, these are items that you can list here as a federal deduction. A couple of other areas are interest that you pay, perhaps on the mortgage of your primary residence, or gifts that you make to charity. Job expenses can also be deductible in certain cases. So if you're required to have a cell phone, or have internet service in your home, or any number of things that you're not reimbursed for by your boss, you can list these items here as a federal deduction. I'm Kristen Brand, and that's how to take a federal tax deduction."

eHow Article: How to Take Federal Income Tax Deductions

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