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What Can Be a Tax Write-Off on Income Tax Returns?

In the tax accounting world, the term “write-off” is generally used to refer to tax deductions, and sometimes exemptions. Therefore, you can think of every tax deduction and personal or dependency exemption you report on your income tax return as a write-off. Every write-off you claim lowers your taxable income and ultimately saves you money, so it’s beneficial to become familiar with all the different types of expenses that can be deducted as you prepare your tax return.

Deductions for AGI

The first group of write-offs you’ll encounter on your 1040 form are adjustments to income – sometimes referred to as the deductions for AGI. The reason for the reference is because these specific write-offs directly offset the gross income reported in the income section of your return to arrive at your adjusted gross income (AGI). Moreover, these write-offs are available to all taxpayers irrespective of whether they choose to itemize on Schedule A or claim the standard deduction. AGI write-offs that the IRS consistently allows you to claim include moving expenses that relate to job relocations, penalties you pay to financial institutions for making early withdrawals from your savings accounts and the alimony payments you make to a former spouse pursuant to a divorce decree or legal separation agreement.

Itemized Write-Offs

Itemized deductions on Schedule A are another category of valuable write-offs. Electing to itemize is only beneficial when the total amount of expenses you can deduct is larger than the standard deduction for your filing status. Therefore, it’s helpful to estimate what your total deductible expenses are before making the decision to itemize on Schedule A. When estimating, you can include your investment-related expenses, state and local income, property and sales taxes, any mortgage interest you pay that’s reported on Form 1098, insurance premiums, charitable donations, casualty losses, gambling losses (if you report gambling winnings) and most of the job-related expenses you incur. Moreover, the number of adjustment to income deductions you claim can impact your Schedule A since the IRS requires you to reduce some of your itemized deductions by a percentage of your AGI, such as medical expenses that are subject to a 7.5% AGI reduction.

Standard Deduction Write-Off

The standard deduction is fixed in amount and doesn’t relate to paying any specific type of expense, but nonetheless, it’s an incredibly valuable write-off since it brings down your taxable income just like other deductions do. Your filing status, however, significantly impacts the standard deduction amount your eligible for since not all taxpayers receive the same amount. The standard deduction amount for each filing status changes each year, but it’s always less for single filers than it is for head of household and married filing jointly taxpayers.

Personal and Dependent Exemptions

Similar to the standard deduction, the exemptions you write-off on your federal return are fixed in amount, but are the same amount for all filing statuses. Provided you aren’t eligible to be the dependent to another taxpayer, you can always take one personal exemption. And if you report dependents, such as your children or elderly parents on your tax return, you can get to take an additional exemption for each of them. It is important to note that the IRS only lets you to write-off dependent exemptions if you file your taxes on either the 1040 or 1040A forms. Therefore, if you’re eligible to claim dependents, it’s best to avoid filing on the 1040EZ form.

IRS Publication 501