Types of Tax Deductions that one Can Claim!

You all might be aware of the process of tax return submission. Well, when you are submitting the tax return you are totally are given right to claim deduction on expenditure that is termed as a work-related deduction. In order to be eligible to claim such deduction, it is important for you to meet the below-mentioned criteria…

  • One must have records for validation
  • One must have spent the capital on him or herself
  • The expenditure should be relevant to the job
  • Cost should not have been reimbursed

Here are the top three categories of deduction that one is eligible to claim.

TRAVEL & VEHICLE EXPENDITURE

It is really important for one to have a record of all the money they have spent on travel and work-related vehicle. It will then be easier and convenient for them to ask for deduction at the taxation time. If one is driving his or her car to reach to workspace then they are entitled to claim for their work related expenses. There plenty of methods that one can employ to claim their vehicle or travel expenses. Here are some prices that one cannot claim when traveling between home and work as then it would be considered private even though:

  • You are doing a nutty gritty task on the way to work
  • You travel for a parent teacher conversation or any other call out

WORK RELATED CLOTHING

Those who need suits for work or need to wear those uniforms adorned with the company’s logo, whatever the case might be, you have to obey the outfitting policy as an employee and thus would have to come to work wearing that. So, you will be treated in the same manner by the tax officials when you will come claiming for tax deductions. It can be claimed only for clothing that is specific to your occupation and not for those laundry clothes.

WORK FROM HOME

If you are conducting all your office work from home, then you can claim home office expenditure. Essentially one is supposed to have a particular room for a home office where you will be spending your work hours working.

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