Personal tax what can you claim

Work expenses your employer reimburses you for are not deductible. Motor vehicle and car expenses. Travel expenses. Clothing, laundry and dry-cleaning expenses. Self-education expenses. You may be able to claim other expenses you incur that relate to your work or income producing activities. Deductions for Individuals Work Related Deductions. Itemized Deductions. Education Deductions. Health Care Deductions.

Investment Related Deductions. Unless your medical expenses are substantial, however, your medical expenses will probably fall below the AGI percentage limitation, meaning you won't be able to deduct anything.

If you have a qualified Health Savings Account HSA , you can deduct your contributions to the account, and you don't have to pay tax on any interest you earn from the account. You can use money in your HSA account to pay almost any kind of health-related expense. If your employer offers a k , it pays to maximize your contributions, especially if your employer matches them. This is an "above the line" deduction that you can take without itemizing your personal deductions.

This means all taxpayers who qualify may take it. These contribution amounts were made permanent as part of the fiscal cliff tax legislation passed in The amount you contribute isn't deductible, but distributions from the account for payment of tuition are tax-free.

You can also set up a state-sponsored college savings plan , known as a Section plan, which allows tax-free withdrawals for qualified college expenses.

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