Kathy Chalmers Tax and Accounting - Tax Checklist:

Tax Deductions

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Home / Work / Investments / Family

Medical Expenses / Charitable Giving

Miscellaneous Expense

Your Home

~ Fees for investment advice
~ Subscriptions for investment-related publications
~ Travel to manage investment property
~ Capital losses
~ Loss for worthless investments
~ Suspended passive losses
~ Interest expense (limited)
~ Penalty for early withdrawal of savings
~ Contribution to traditional IRA
~ Contribution to Keogh, SEP, or SIMPLE plan
~ IRA trustee fees, if billed and paid separately
~ Amortization of premiums on taxable bonds
~ Fee for safe deposit box

Your Work

~ Union and professional dues
~ Continuing professional education expenses
~ Job-related education expenses
~ Job hunting travel and phone expenses
~ Job counseling fees
~ Employment agency fees
~ Resume preparation costs
~ Small tools used in your job
~ Uniforms or special work clothing
~ Child care costs while you work, seek work, or attend classes
~ Unreimbursed employee business expenses business travel, meals and business entertainment
~ 50% of self-employments tax

Your Investments

~ Mortgage interest
~ Real estate taxes
~ Points paid by you on a new home loan
~ Points paid by seller on your behalf
~ Points paid on refinancing (pro rata over life of loan)
~ Remaining un deducted points on 1st refinancing when you refinance a second time
~ Home office expenses, if you quality
~ Home improvements done for medical reasons, to extent home’s value isn’t increased
~ Costs of moving to a new home, if your move is job-related and meets qualifications

Your Family

~ Child and disabled dependent care costs
~ Alimony paid
~ Additional standard deduction if blind, or age 65 or older
~ Special schools for a handicapped child
~ Student loan interest

Medical Expenses

~ Health insurance premiums
~ Medical savings account
~ Un reimbursed healthcare expenses
~ Auto mileage to obtain medical care
~ Lodging on trips for medical care
~ Eyeglasses, contact lens, and lens insurance
~ Chiropractic treatments
~ Extra cost of Braille publications
~ False teeth, hearing aids
~ Braces, crutches, wheelchairs, and similar devices
~ Drug or alcohol abuse treatment
~ Prescription drugs or programs to stop smoking
~ Medical expenses of a parent for whom you provide over 50% support
~ Cost of nursing home where medical treatment is principal reason for stay

Charitable Giving

~ Cash contributions
~ Fair market value of property contributed
~ Actual expense or mileage rate for driving in charitable work
~ Out-of-pocket expenses of charitable work (no deduction for your services)

Miscellaneous Expenses

~ Fees for tax planning and preparation
~ Personal property taxes
~ Casualty and theft losses, within limits
~ State and local income taxes
~ Gambling losses to extent of winnings
~ Foreign taxes paid