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Blog Post

Heads up! Itemized deductions may be ahead

04 Aug 2016
Comment are off
MBA Site Administrator
Itemized Deductions in St Petersburg Florida

Year end may seem far away. But now’s a good time to start looking ahead to what itemized deductions you may be able to claim for the 2016 tax year.

Following is a list of selected deduction and exclusion items to consider. Don’t use the list as a tax planning worksheet. Rather, think of it as an exercise to help with your tax planning efforts and a good conversation starter for the next time we visit. Bear in mind that various limitations may apply to the items listed.

Deductible unreimbursed employee expenses

  • Business travel expenses.
  • Business education expenses.
  • Professional organization or chamber of commerce dues.
  • License fees.
  • Impairment-related work expenses.
  • Depreciation on home computers your employer requires you to use in work.

Deductible money management costs

  • Tax preparation fees.
  • Depreciation on home computers used to produce investment income.
  • Investment interest expenses.
  • Dividend reinvestment plan service charges.
  • Loss of deposits due to financial institution insolvency.

Deductible personal expenditures

  • Income, real estate and personal property taxes (state, foreign and local).
  • Medical and dental expenses.
  • Qualifying charitable contributions.
  • Personal casualty and theft losses.

Income excludable from taxable income

  • Health and most life insurance proceeds.
  • Military allowances and veterans benefits.
  • Some scholarship and grant proceeds.
  • Some Social Security benefits.
  • Workers’ compensation proceeds.

© 2016

About the Author
McClanathan, Burg & Associates, LLC. is a full service accounting firm. Our team members provide services including: Tax, Audit, Assurance and Accounting, Estate and Trust, Forensic Accounting, Litigation Support and Business Valuation.

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