Glossary

The Early Withdrawal Penalties Deduction allows taxpayers to deduct penalties incurred from early withdrawals of savings or retirement accounts. This can have significant implications for tax filings.

The Alimony Payments Deduction (pre-2019 agreements) allows alimony-paying individuals to deduct payments from their taxable income under specific conditions.

Child support payments aren't directly deductible but play a key role in determining tax obligations and financial planning for separated families.

The Mileage for Medical Appointments Deduction allows taxpayers to deduct transportation costs for medical visits, thereby potentially lowering taxable income.

The Mileage for Charity Work Deduction allows you to claim deductions for using your vehicle for charitable purposes, lowering your taxable income.

Home remodeling for business space deduction allows taxpayers to deduct costs associated with upgrading a home office for business purposes from their taxes.

Uniforms and Work Clothes Deduction allows eligible employees to deduct the cost of uniforms required for their job, provided these expenses are not reimbursed by the employer.

The Travel for Professional Development Deduction allows taxpayers to claim expenses incurred during professional development trips. Eligible expenses can reduce taxable income.

The Employer Medicare Contribution Deduction refers to the employer's responsibility to contribute toward employees' Medicare taxes, ensuring compliance with federal requirements.

The Employer Social Security Contribution Deduction involves the portion employers contribute towards Social Security, deductible for business tax purposes.