Have you ever received a letter or phone call from the IRS pointing out deductions that you missed on your tax return? Me either, and as nice as some of those IRS folks are, I have a feeling we shouldn't wait for such a phone call.

Nope, it's completely up to your accountant to ensure you get every last deduction you're entitled to. But accountants can't pull the proof for these deductions out of thin air; that's your job. And that requires a diligent adherence to that task we all hate to do: record keeping.

Documentation

Keeping accurate records is vital to your pocketbook, according to CPA Gail Rosen. "It's so important to recognize the power of a deduction and not to miss any," she warns.

"I liken it to downloading an app to your phone," explains Bill Zumwalt, "The Tax Coach" for real estate agents, out of Tulsa Oklahoma. "When you download an app you get a long list of legalese called terms and conditions. Tax strategies, like the home office, are just like apps," he continues.

"You find one that fits, you download it, and then you read the fine print – the terms and conditions," says Zumwalt.

He goes on to explain that the IRS has terms and conditions for deductions – things you need to do and requirements to meet to make a particular tax strategy work. "The devil is in the detail," warns Zumwalt. "If you have documentation, it will be your friend."

Let's take a look at what the pros say are some of the most common tax deductions that agents are entitled to, and suggestions on how to document them.