Tax Deduction Checklist
Maximize Your Deductions for Individuals and Businesses
Unlock the full potential of tax savings by leveraging every deduction available to you.
Use these comprehensive checklists to ensure you don’t miss valuable deductions, whether you’re filing as an individual or a business. Keeping track of eligible expenses throughout the year can significantly reduce your taxable income and maximize returns.
Individual Tax Deduction Checklist
Income-Related Deductions:
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☐ W-2 Income Adjustments (e.g., 401(k) contributions, HSAs)
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☐ 1099 Income (self-employed, freelance, contractor expenses)
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☐ Investment Interest Expense
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☐ Rental Property Expenses
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☐ Educator Expenses (for teachers and eligible educators)
Home and Living Deductions:
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☐ Mortgage Interest and Property Taxes (Form 1098)
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☐ Home Office Deduction (for remote work/self-employed individuals)
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☐ Energy-Efficient Home Improvements
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☐ Rent (in states with rent deduction allowances)
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☐ Moving Expenses (active military only)
Health and Medical Deductions:
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☐ Health Insurance Premiums (if not employer-covered)
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☐ Out-of-Pocket Medical Expenses (above 7.5% of AGI)
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☐ Prescription Medications and Medical Devices
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☐ Dental and Vision Care
Education Deductions:
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☐ Tuition and Fees (Form 1098-T)
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☐ Student Loan Interest (Form 1098-E)
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☐ Educational Materials and Textbooks
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☐ Contributions to 529 College Savings Plans
Family and Dependent Deductions:
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☐ Child Tax Credit
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☐ Dependent Care Expenses (daycare, babysitting, summer camps)
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☐ Adoption Expenses
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☐ Alimony (for divorces finalized before 2019)
Charitable Contributions:
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☐ Cash Donations to Qualified Charities
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☐ Non-Cash Donations (clothing, goods, etc.)
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☐ Vehicle Donations
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☐ Volunteer Mileage and Expenses
Retirement Savings Deductions:
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☐ IRA Contributions
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☐ 401(k) or 403(b) Contributions
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☐ Self-Employed Retirement Plans (SEP, SIMPLE IRA)
Business Tax Deduction Checklist
Operational Expenses:
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☐ Office Rent or Mortgage
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☐ Utilities (electricity, internet, phone)
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☐ Office Supplies and Equipment
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☐ Software and Subscriptions
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☐ Advertising and Marketing Costs
Employee and Payroll Deductions:
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☐ Employee Salaries and Wages
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☐ Payroll Taxes
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☐ Health Insurance Premiums for Employees
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☐ Retirement Plan Contributions for Employees
Travel and Vehicle Deductions:
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☐ Business Travel Expenses (flights, hotels, meals)
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☐ Mileage for Business-Related Driving
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☐ Vehicle Maintenance and Repairs (business-use percentage)
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☐ Parking and Tolls
Professional Services and Fees:
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☐ Legal and Accounting Fees
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☐ Business Consulting Services
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☐ Licensing and Permit Fees
Insurance and Risk Management:
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☐ Business Insurance Premiums (liability, property, workers' comp)
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☐ Professional Liability Insurance
Business Assets and Depreciation:
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☐ Depreciation of Equipment, Furniture, and Property
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☐ Machinery and Tools
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☐ Software Purchases (over $2,500 for depreciation purposes)
Education and Development:
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☐ Industry-Related Training and Certifications
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☐ Seminars and Conferences
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☐ Books and Subscriptions for Business Development
Miscellaneous Deductions:
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☐ Bank Fees and Interest on Business Loans
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☐ Business Meals (50% deductible, 100% for employee events)
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☐ Client Gifts (up to $25 per client annually)
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☐ Bad Debts (unrecoverable customer payments)
Maximize Your Deductions Year-Round
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Track expenses regularly to avoid last-minute scrambling.
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Use accounting software or apps to categorize and log deductions.
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Maintain receipts and records for all expenses.
By staying organized and proactive, you can reduce your taxable income and take full advantage of available deductions. If you need assistance, Kluth Accounting is here to guide you through every step.
