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Work-related expenses refer to car expenses, travel, clothing, phone calls, union fees, training, conferences and books. So really anything you spend for work can be claimed back, up to $300 without having to show any receipts. Easy right? This will be used as a deduction to reduce your taxable income.
Generally, for Oregon, you're allowed the larger of your itemized deduc- tions or your standard deduction. Note: Your Oregon standard deduction will be zero if you are married filing a separate return and your spouse item- izes, or if you are a nonresident alien.
The Cohan rule allows taxpayers to deduct business-related expenses even if the receipts have been lost or misplacedso long as they are reasonable and credible. This ruling means that the IRS must allow business owners to deduct some business expenses, even if they don't have receipts for all of them.
If you itemize, you can deduct a part of your medical and dental expenses, amounts you paid for certain taxes, inter- est, gifts to charity, and certain miscellaneous expenses. Don't include items that you deducted elsewhere on your federal or Oregon tax return forms or schedules, such as Schedule C, C-EZ, E, or F.
If you plan to include business expenses as deductions on your tax return, the IRS requires you to keep supporting documentation that shows what you bought, how much you paid, and when you bought it.
20 popular tax deductions and tax credits for individualsChild tax credit.Child and dependent care tax credit.American opportunity tax credit.Lifetime learning credit.Student loan interest deduction.Adoption credit.Earned income tax credit.Charitable donations deduction.More items...
Here's what you can still deduct:Gambling losses up to your winnings.Interest on the money you borrow to buy an investment.Casualty and theft losses on income-producing property.Federal estate tax on income from certain inherited items, such as IRAs and retirement benefits.More items...
Max out contributions to your retirement accounts: Pre-tax contributions to workplace retirement savings plans and IRAs reduce your current taxable income. In 2021, you can contribute up to $19,500 to 401(k), 403(b) and most 457 plans. People aged 50 or over can generally contribute another $6,500 per year.
21 Small-business tax deductionsStartup and organizational costs. Our first small-business tax deduction comes with a caveat it's not actually a tax deduction.Inventory.Utilities.Insurance.Business property rent.Auto expenses.Rent and depreciation on equipment and machinery.Office supplies.More items...