Tax Deductions

Did you know the majority of Americans do not itemize their tax deduction. And, when they do, they fail to take some important deductions.

For example, the cost of your work uniforms and the related cleaning costs are deductible. This doesn't apply to the cost of normal, every day clothing worn to work, but if your employer requires you to wear a uniform or clothing unsuitable for streetwear, this could save your several hundred each year. People like nurses, restaurant staff, police, firemen, and deliverymen are most affected by this deduction.

Below are ten deductions you may qualify to take:

1.Alimony

If you pay alimony, you can deduct your payments. Be sure to include your ex-spouse's social security number, as he or she will be required to claim these payments on his or her return.

2.Educator Expense

Teachers, counselors, principals, and aides at public and private elementary and secondary schools can claim up to $250 of their out-of-pocket expense spent on school supplies.

3.Job-Hunting Costs

There are two requirements that must be met before you can deduct your job-hunting costs. First, you must look for work in the same field in which you are currently employed. And, you cannot take a substantial break between your last job and when you start looking for a new job. This includes such expenses as fees for resume preparation, mileage, and parking fees.

4.Casualty Loss

You don't have to live through a natural disaster or fire to deduct a casualty loss. Losses from vandalism, theft, and automobile accident damages, provided it wasn't the result of driver negligence, are also eligible. There is a limit to how much you can claim though. The amount of the loss must be reduced by $100, then must exceed 10% of your adjusted gross income. So, that simple fender bender may not qualify, but if you returned home from your vacation to find your house had been broken into and trashed, you could probably benefit. Be sure to keep a police report on file in the event of an audit.

5.Moving Expense