The quick and dirty for next year. The number next to the heading denotes the IRS publication that the info comes from. As was noted above, save all your receipts and make sure you do everything on the up and up. Don't try to save a few bucks on your taxes and end up screwing yourself.
Automobile expenses 917
Yes-The portion of automobile expenses attributable to driving between two different workplaces, or between your principal residence and a temporary job site.
No-The portion of automobile expenses incurred while commuting between your principal residence and a regular place of business.
Beepers and pagers 529
Yes- The rental fees paid by you for beepers and pagers used in connection with your employment
No- Any costs associated with the personal use of these items
Books/library 534
Yes- Depreciation expense on reference books purchase during the year. You can also depreciate your "library" the first year you put it into business use, based on the fair market value of the library on that date.
No- Any books not related to your profession
Cellular phones 534
Yes- The business portion of the cost of the cellular phone can be depreciation. Plus, you can deduct the business use portion of the monthly cellular phone bills.
No- Any portion of the cost of the cellular phone and the monthly cellular phone bills relating to personal use.
Computer purchases 534
Yes - Depreciation on the business use percent of any computer or peripheral purchased (1) as a requirement of your employment and (2) for the convenience of your employer.
No- Any computer and peripheral not specifically purchased as a requirement of employment or for the benefit of your employer.
Education, examinations and licenses 508
Yes - Expenses incurred that are required as part of your employment and maintain or improve your skills in your current profession.
No - Expenses incurred that prepare or qualify you for a new trade or business.
Equipment and instruments 534
Yes - Depreciation expense on any items purchased during the year, or based on the fair market value of equipment and instruments purchased in previous years but put into business use this year.
No - Equipment and instruments not associated with your profession.
Home office 587
Yes - The percentage of your home (based on square footage) used regularly and exclusively in connection with your profession. Great for renters since rent isn't otherwise deductible on your federal tax return.
No - The portion of your home used for any non-business purpose during the year, even if just for one day.
Insurance 529
Yes - Malpractice insurance and insurance on business assets
No - Health, life and disability insurance. Health insurance is deductible as an "adjustment to income" if you have net self-employment income.
Interest on school loans 535
Yes - Up to $2,500 of student loan interest paid during the year, subject to income limitations.
No - Interest on school loans in excess of $2,500 per year.
Job search 529
Yes - Expenses associated with finding a new position in your current trade or business.
No - Any expenses associated with finding your first job, or a job in a new trade or business.
Parking and tolls 463
Yes - Parking and tolls incurred in connection with traveling between two different workplaces or between your principal residence and a temporary job site.
No - Parking and tolls incurred in connection with commuting between your principal residence and a regular place of business.
Professional dues, journals and subscriptions 535
Yes - Fees paid to join professional organizations or to subscribe to their journals
No - Dues paid to business, social or athletic clubs.
Uniforms and cleaning 529
Yes - The cost of purchasing and cleaning clothing, such as lab coats and scrubs, required by your employer that isn't considered "everyday street clothing".
No - Items such as suits, shirts, shoes, ties and wristwatches because they fit the description of "everyday street clothing"
