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