10 tax deductions for 10 different jobs

One of the best ways to save money on taxes this year is to make sure you’re taking advantage of every possible deduction you qualify for. And depending on your occupation, you might qualify for more deductions than you originally thought.

Read on to see if your job qualifies you for one or more of these 10 money-saving tax deductions for different jobs.

1. Military Personnel

Military families have many tax savings available to them, said Lisa Greene-Lewis, a certified public accountant and TurboTax expert.

“They can deduct military uniforms, any military and defense-related publications purchased, and moving expenses,” she said. Other tax deductions can include military-related home office or storage space (up to $1,500) and combat pay for those actively serving in a combat zone.

2. Teachers

Teachers from kindergarten to 12th grade often find that their classroom budget falls short. Greene-Lewis said they can deduct classroom materials that they purchased, up to $250, for items like unreimbursed books and writing supplies. Married couples who are both teachers can deduct up to $500 on their joint 2015 tax return. Teachers can also deduct mileage for all business miles driven, she said.

Continuing education expenses can also qualify as tax deductions for teachers. “If you take college or vocational classes, the Lifetime Learning Credit allows you to take a tax credit of 20 percent of tuition and fees,” said Greene-Lewis. “The tax credit is worth up to $2,000 per tax return, and you don’t have to itemize your deductions to claim this credit.”

3. Traveling Sales Professionals

It’s not always easy to be away from your family for days at a time. But the good news for sales reps is that they can qualify for tax deductions related to traveling out of town. (Note: Commuting costs are not deductible.)

“Qualified miles related to travel that aren’t reimbursed may be deducted at a rate of 57.5 cents per mile for 2015, which can add up quickly,” said Micah Fraim, an independent certified public account in Roanoke, Va. “Travel expenses such as hotels, meals and entertainment also can be deducted.” Generally, food and entertainment-related expenses while traveling for business can be deducted at a rate of 50 percent.

The IRS doesn’t cap the mileage deduction limit. Travel 25,000 miles in a year, and you can deduct $14,375. If you prefer, the IRS will allow you to deduct your actual automobile operating expenses, including maintenance, repairs, gasoline, taxes, insurance and vehicle registration, but you cannot deduct both mileage and operating expenses. You must keep a record of your operating expenses.

4. Self-Employed Physicians

Self-employed physicians can deduct office supplies and equipment, licensing and exam fees, and if they travel for work, room and board, said David Hryck, a New York-based tax lawyer and partner with Reed Smith.

According to the White Coat Investor blog for physicians, the cost of lab coats and scrubs, medical publications, professional society dues, computers, cellphones, and pagers are also deductible as long as they’re used exclusively for work. The physicians must be paid as independent contractors and file a 1099 Form to report their self-employed income.

Also, be sure to keep all important receipts.

5. Real Estate Agents

Most licensed real estate agents work as self-employed practitioners, said Fraim. “That makes them eligible to deduct business expenses for mileage driven, cellphone usage and part of the home internet bill.”

Mileage is reimbursed at 57.5 cents per mile. Cellphone and internet usage are deducted based on the percentage of time the service is used for business. For example, if the internet is used 50 percent of the time for business purposes, you can deduct 50 percent of your bill. Expenses for advertising and licensing requirements can also be deducted.

6. Airline Crew Members

For flight attendants and airline pilots, travel is a necessary part of the job. And as anyone who has ever traveled for vacation knows, there are many expenses that come with spending the night away from home. Fortunately, many of those expenses are deductible for airline crew members.

The cost of alarm clocks, flight luggage and flashlight batteries qualify as tax deductions for flight attendants and pilots. Uniforms and the cost to dry clean them are also deductible. The portion of personal cellphone service, internet and fax lines that are used for business purposes are deductible as well.

Most compelling is the per-diem deduction, which is 80 percent for airline crew members. This can include the cost of meals, lodging and laundry so long as they’re not reimbursed by the airline.

7. Insurance Agents

Work-from-home insurance agents are eligible to deduct a slew of business expenses. “Anything that’s done to further your insurance practice can be deducted,” said Fraim. That includes a 100 percent deduction for networking events and seminars as well as the business use percentage for cellphone and internet bills.

“Insurance agents can also deduct client meals and entertainment if they’re conducted for a business purpose at 50 percent of the total cost,” said Fraim. Office equipment and office furniture used exclusively for business in 2015 can also be deducted when you file your tax return in 2016. The same goes for professional fees paid during the year.

8. Architects

Architectural or engineering services carried out within the United States for domestic construction projects can qualify for a tax deduction of up to 9 percent.

“The law was passed as an incentive for people to produce things domestically rather than send work overseas,” said Fraim. “Say you earned $100,000 in profits from your domestic construction project. You’d have the potential to deduct $9,000 of income earned from domestic production. That’s a huge tax break.”

9. Landscapers

“Landscapers can earn credit for gasoline that’s purchased that’s not used on the road,” said Fraim. Fuel used for off-highway business use, like the gasoline used for power lawn mowers and chain saws, can be deducted at a rate of 18.3 cents per gallon when used for business. Just be careful not to include the gas you use to care for your home lawn because that’s not deductible under IRS rules.

10. Students

Students who claim themselves as a dependent on their tax forms can take advantage of several credits and deductions.

The American Opportunity Credit is worth up to $2,500 of qualified education expenses paid during the past tax year. The Lifetime Learning Credit can decrease your tax bill by an additional $2,000. If you’re entitled to a tax return, however, only 40 percent of the American Opportunity Credit and none of the Lifetime Learning Credit can be refunded as part of that tax return.

The American Opportunity Credit can be used for up to four years. There is no limit on the number of years the Lifetime Learning Credit can be applied. If married, you must file a joint return to qualify for either credit.

Tax deductions for students include up to $2,500 in student loan interest and up to $4,000 in qualified tuition and fees paid during the year.

From GoBankingRates.com: 10 tax deductions for 10 different jobs