What Are You Allowed to Write Off on Your Taxes?

Noncash Charitable Contributions

• Donating old clothes, appliances or household goods helps you clear out space in your home throughout the year. However, with each donation you make, ensure you get a receipt from the charity as noncash charitable contributions are a tax write-off. Noncash charitable contributions are not written off dollar for dollar like cash contributions. Instead, you must assess the current value of the items. Use the thrift store resale price to estimate the cost of the items.
  
  

Mortgage Refinance Points

• When you refinance your home, mortgage points are charged by the lender to process your loan. A mortgage point is equal to 1 percent of the price of your mortgage. The number of points charged by your lender varies, but can amount to thousands of dollars in fees. These fees can be written off on your taxes. However, fees are written off over the life of your loan, which means taking the full amount of your mortgage points and dividing it by your mortgage term. For example, if you pay $5,000 in fees for a 30-year mortgage, you can deduct $167 per year on your income taxes until the full $5,000 is claimed.
  
  

Medical Expenses

• Medical expenses can prove a substantial tax write-off for taxpayers who meet the minimum requirements. In order to claim medical expenses on your taxes, your expenses must be more than 7.5 percent of your adjusted gross income. According to the IRS, a deduction is allowed only for expenses primarily paid for the prevention or improvement of a physical or mental illness. Expenses can include the cost of prescription, copays and other out-of-pocket medical costs. If you are self-employed, you can add the cost of health insurance premiums to your deduction.
  
  

Unreimbursed Employee Expenses

• Any business-related expenses incurred while in service of your employer can be claimed on your income taxes. For example, the cost to photocopy documents, work-related education or purchase client gifts on behalf of your employer are all tax deductible. In order to claim this deduction, your expenses must be more than 2 percent of your adjusted gross income. According to Bankrate, only the amount above 2 percent of your adjusted gross income counts towards your deduction. For example, if you earn $40,000 per year, any expenses beyond $800 can be deducted on your taxes. If you incur $850 in expenses, only $50 is deductible.