Types of Tax Write Offs

by Gail Logan

Overview

The U.S. tax code is about 70,000 pages long. Within that code, there are thousands of deductions that individuals can use as tax write-offs. Tax write-offs lower an individual's gross taxable income, which will often place him in a lower tax bracket and reduce his rate of owed taxes.
Health Insurance

If the amount you pay for health insurance premiums is more than 7.5 percent of your gross income, you may deduct it. If you are self-employed and not covered by an employer's health insurance plan, you may deduct 100 percent of your premiums.

Charitable Donations

Cash donated to a charity and the value of non-cash items donated to a charity both qualify as tax write-offs that can reduce the final amount you owe to the IRS.
Education

Monies paid towards tuition and some associated fees or interest paid on student loans may be used as a tax write-off.
Home Office

If you are self-employed and work from home, you may claim a portion of your rent as a tax write-off. To determine your home office space, determine the percentage of your home office by dividing the overall square footage of your home by the space used for business purposes. You may also include utility bills and equipment costs necessary for running your business.
Travel Expenses

The cost of traveling, including airfare, taxis, and hotel stays, may be deducted on your tax return if it is for business purposes. Likewise, 50 percent of meals and entertainment may be a tax write-off if they were enjoyed during a business stay and/or while entertaining a client.
Legal Dependents

You may claim your own child, stepchild or grandchild on your tax return as a tax write-off if she is under the age of 17 and you are fully responsible for her care.