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What are some of the things that can be deducted from your taxes
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[QUOTE="Knowlopedia, post: 5405, member: 41"] The IRS website is a great resource for any questions you have about tax deductions and credits. If you're not sure whether an expense qualifies, visit the IRS website to find out. You can deduct many common expenses related to your job, such as: [LIST] [*]Clothes that are needed to perform your job duties (for example, a suit and tie for a banker) [*]Transportation expenses (such as public transportation or using your car) - Mileage rate allowed by the IRS (54 cents per mile in 2016) [*]Parking fees and tolls - Tools and supplies used in performing services as an employee [*]Licenses and regulatory fees required to do your job. [*]Misconduct, such as your car being stolen [*]Legal fees and penalties related to fraud or embezzlement. [/LIST] To deduct these expenses, they must be reasonably necessary to the performance of your job. You must also keep reliable records that support the expenses, such as receipts and mileage logs or logs of travel time. If all your deductions are reasonable and necessary for you to perform your job, then most should be allowed by the IRS. In general, you can only take a tax deduction for what you paid for in 2015 (that is why it's important to check with a qualified tax professional who can check for you). [/QUOTE]
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What are some of the things that can be deducted from your taxes
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