If you're self-employed or own a business, business-related expenses such as office supplies, travel costs, and business-related meals may be deductible.
Certain work-related expenses that are not reimbursed by your employer may be deductible. This includes expenses for uniforms, job-related education, or tools.
Fees paid for investment advice, certain investment-related expenses, and losses on investments may be deductible.
Some expenses are deductible in the year you incur them (e.g., medical expenses over a certain threshold), while others are deducted over time (e.g., mortgage interest over the life of the loan).
Maintain organized records of your expenses, receipts, and relevant documentation to support your deductions in case of an audit.
Tax laws can change, affecting which deductions are available. Stay informed about any updates that might impact your tax situation.
Tax laws can be complex, and individual situations vary. Consider consulting a tax professional to ensure you're taking advantage of all eligible deductions and credits.