Tax filing season for calendar 2016 opened on January 20, 2017. Here is a list of tax deductions and credits that are often missed by taxpayers because they were not aware that the expenses qualified for a tax deduction or credit.
Medical Related
(Total expenses must exceed 10% (7.5% if age 65+) of Adjusted Gross Income to be deductible)
- Alcoholism and drug abuse treatment
- Contact lenses, eyeglasses and hearing aids
- Long-term care insurance premiums
- Medical transportation costs, including the standard mileage rate of 23 ½ cents
- Lodging expenses incurred for medical reasons
Employment Related
- Costs of looking for a new job in your present occupation
- IRA deduction for contributions made after the end of 2014 but before April 15, 2015
- Employee’s moving expenses
- Education that is work related
- Unreimbursed employee expenses, such as license fees, business subscriptions
- Health care insurance premiums and 50% of self-employment tax for self-employed
- Medicare premiums paid by the self-employed
- Simplified Employee Pension (SEP) IRAs for self-employed
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