Tax Deductions 2020

Energy credits for home and vehicle:

(IRS source) Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and light trucks. For vehicles acquired after 12/31/2009, the credit is equal to $2,500 plus a car that draws propulsion energy from a battery with at least 5-kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt-hour of battery capacity over 5-kilowatt hours. The total amount of credit allowed for a vehicle is limited to $7,500.

Higher Education Interest

(IRS source) Student loan interest is the interest you paid during the year on a qualified student loan. It includes both required and voluntarily pre-paid interest payments. You may deduct the lesser of $2,500 or the amount of interest you paid during the year.

Common business deductions:

The home office deduction

Health insurance deduction (variations and conditions apply)

Continuing education deduction

Vehicle expenses

Retirement accountsInsurances required for your business

Your bank interest

Supplies you use

Hardware you use to maintain your office, your business assets, or place or business.

Cost of internet and phone used in your business (percentage or the whole amount)

Travel for business purposes, meals.

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