Tax Deduction Checklist

A tax deduction checklist is very useful for any taxpayers wanting to claim as many IRS tax deductions as possible. By using a tax deduction checklist, a taxpayer can ensure that he or she will be able to lower the amount of taxes owed to the IRS. There are a few tax deduction checklists depending on your tax filing status as well as your individual circumstances.

A business owner will have a totally different tax deduction checklist from a taxpayer who does not own a business. Also, a large business owner's tax deduction checklist will be much longer than a small business owner's tax deduction checklist.

Standard Deduction vs Itemized Deductions

One of the key reasons why people use a tax deduction checklist is to find out whether they should take the standard deduction or itemize their tax deductible expenses. The most effective way to lower your tax bill is to calculate your tax return using both the standard deduction method and also the itemized deductions methods and take the method with the largest tax deduction.

Basic Tax Deduction Checklist

We will be publishing other tax deduction checklists, including a business tax deduction checklist, in other sections of this IRS deductions website. Below is a basic tax deduction checklist.

	Medical and Dental Expenses
	Taxes
	Interest Expense
	Contributions
	Nonbusiness Casualty and Theft Losses
	Car Expenses and other employee business expenses (Job expenses)
	Tax benefits for work related education
	Misc. tax deductions