NON-DEDUCTIBLE EXPENSES & LOSSES
Many taxpayers mistakenly think various expenses and losses are deductible.
The following are common expenses and losses which are NOT deductible: (The list is NOT all inclusive) Do not assume that just because an expense is not on this list it can be deducted.
1-Child Support Payments
2-Burial, Cremation, Cemetery, or Funeral expenses
4-Loss on the sale of a personal residence
5-Loss on the sale of personal use assets & property
6-Social Activities Programs
7-Bribes, Fines, & Penalties in violation of law
8-Federal Income Taxes
11-Personal Family & Living Expenses
13-Life Insurance Premiums
14-Personal Disability Insurance Premiums
15-Membership dues to athletic clubs, country clubs, health clubs, recreational clubs, & social clubs
16-Expenses associated with producing tax-exempt income
17-Personal use of an automobile or other vehicle
18-Personal credit card interest
19-Expenses associated with attending a shareholder meeting solely as an investor or shareholder
20-Estate planning fess
21-Clothing suitable for everyday wear even if used for work purposes
22-The value of wages or other income that was never received
24-Lost or misplaced cash or personal items
25-Investment conventions & seminars expenses
26-Professional accrediation, certification, & licensing exam fees
27-Capital improvements, additions, appliances, HOA fees, utility fees, personal telephone fees, & maintenance and repair expenses for a personal residence
30-Personal Home: capital improvements, insurance, lawn care, maintenance, repairs, rent, and security systems.
31-Personal & Family Living Expenses
32-Bank fees on a personal bank account
33-Commuting mileage and the cost of transportation between your home and you main or regular place of work
34-Life Insurance Premiums
36-Personal legal expenses
38-Annual fees on personal credit cards
39-Bar & Professional Exam Fees for initial licensing (Attorney's, CPA's, Dentists, Doctors, etc)
40-Late payment charges by a public utility
45-Job Hunting Expenses for a NEW trade or business
46-Tax Filing and Tax Payment penalties & interes charges
For an expense to be deductible, it must be specifically allowed by the tax code.
Even if allowed, certain expenses have various criteria and requirements that must be met and will often depend on each taxpayer's specific tax situation and circumstance.
CALL NOW 561-746-1826 or 561-339-8102 if you have any questions or concerns or would like to schedule a FREE, Confidential, N0-Obligation Tax-Saving Consultation.