Can someone give me a "bullet point" list of tax deductions that I could take.?

Question

I'm itemizing taxes this year for the first time. I'm looking for examples like...contributions to the church (tithing)...things that I normaly wouldn't think of. I'm married - 3 kids (in private school)own a home, no other unusual circumstances. Not self employeed and all income is salary/commissions (W2).

Thanks...Rob

Answer 1

Schedule A Items:
Medical and Dental (out of pocket must be 7.5% of AGI)
Property taxes
Sales Tax
State and local income withheld (from W-2's)
Excise tax paid on vehicles
Contributions to church and charity.
Home mortgage interest.
Job expenses (must be 2.5% of income)

Don't forget about the Child Tax Credit on the second page of the 1040. Also did you pay any dependent care expenses to someone while you and your wife worked?

Answer 2

Fool in the Rain gives you some good ideas. A couple clarifications: for medical expenses and job expenses, you can only deduct the part that is OVER the percentage listed. And you have a choice of taking sales tax (there's a table of what's allowed if you don't have all your receipts) OR state and local taxes, not all of the above.

Download the instructions for Schedule A and read through it - you might get some additional ideas.

Answer 3

As a follow up to the answer that suggested you should look at a schedule A, here it is online: http://www.irs.gov/pub/irs-pdf/f1040sab.pdf

This isn't exactly a bullet point list, but it will give you some more detail on some of the inclusions/exceptions for items (it is the schedule A instructions): http://www.irs.gov/pub/irs-pdf/i1040sa.pdf