Industry Specific Tax Deductions

Depending on your profession, there may be some industry specific tax deductions and strategies that offer benefits. At James T. Borello & Co., we work with individuals in a wide range of industries. Our consultants are knowledgeable about the different tax needs of a variety of different professions including:

  • Salesmen—Any costs you incur for your job that are not reimbursed by your employer are typically deductible. Such as travel expenses, gas mileage to and from sales calls, costs to entertain clients and expenses related to a home office.
  • Police Officers—Like most professions, police officers are entitled to take tax deductions on expense they pay out-of-pocket that are necessary for their job. For example, if a police officer uses a personal cell phone in the course of his/her job, the cost of those calls could be deductible. For such a deduction, a log of use would be required. Additionally, a police officer could take a deduction for unreimbursed educational classes, union dues and trade association memberships if they were related to law enforcement.
  • Teachers—Teachers often spend money out of pocket to purchase supplies needed for their classrooms. Deductible expenses include books, computer software, paper, writing instruments and other items that are used in the classroom.
  • Construction Workers—There are numerous tax deductions available to construction workers, as laborers often buy their own work tools, clothes and shoes. Additionally, some construction workers may also be able to deduct costs for marketing and advertising their services, license fees, union dues, training courses, cell phone and internet service and other work-related expenses.

Contact us to learn what types of tax deductions are available for your profession.