We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What Are the Different Types of IRS Deductions?

Esther Ejim
By
Updated: May 17, 2024
Views: 5,473
Share

The Internal Revenue Service (IRS) allows taxpayers to make certain deductions regarding the total amount of tax they will be expected to pay during any tax year. These legally allowed deductions are clearly enumerated by the IRS and can only be applied in certain circumstances since not all of them can be claimed by an individual or business. Some of these allowable IRS deductions state taxes, charitable donations, certain health-related costs and expenses incurred during the process of looking for a job. Other types of IRS deductions include jury payments that may have been withheld from employees and certain types of estate taxes.

An inclusion in the list of IRS deductions comes from the state sales taxes that may be deducted by residents of states that do not collect income tax from their legal residents. Usually, the individual will have the option of deciding whether to deduct either sales or income taxes, and not the two. For example, sales taxes attached to the purchase of certain items may be deducted from the annual taxes as part of allowable IRS deductions. People who donate to charity have the opportunity of killing two birds with one stone in the sense that they can both give to the charity of their choice and still claim deductions from their annual taxes to the allowable limit for such donations for the year. These charitable donations are not limited to donated materials, because people who volunteer to work for these places can also deduct any expenses incurred during their work, such as parking fees and gas reimbursements.

Other types of allowable IRS deductions include certain expenses incurred by an individual during the process of looking for a job. Such IRS deductions include any costs expended by the individual in order to move to a new job that falls within an allowable radius. The self-employed are also allowed to make certain IRS deductions, such as the cost for the purchase of certain equipment like copiers and computers that will be utilized for the job. Certain enumerated health expenses may also be included in the IRS deductions, including physician consultation fees and the money spent on transportation to receive the treatment, such as bus fares or money spent on gas. People whose jury duty payments were appropriated by their employers may also include these deductions in their annual taxes.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Esther Ejim
By Esther Ejim
Esther Ejim, a visionary leader and humanitarian, uses her writing to promote positive change. As the founder and executive director of a charitable organization, she actively encourages the well-being of vulnerable populations through her compelling storytelling. Esther's writing draws from her diverse leadership roles, business experiences, and educational background, helping her to create impactful content.

Editors' Picks

Discussion Comments
By anon289310 — On Sep 03, 2012

Can I deduct my mileage to and from work if I file a 1099 at the end of the year?

Esther Ejim
Esther Ejim
Esther Ejim, a visionary leader and humanitarian, uses her writing to promote positive change. As the founder and...
Learn more
Share
https://www.wisegeek.net/what-are-the-different-types-of-irs-deductions.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.