Home Experts Experts Free Quotes Coupons Special Offers Articles Forums Blogs Join Us

hand titleSavism University -> Finance -> Tax Planning
What Tax Deductions Are Still Available to Me?

Thomas J. Hartfield articles

 

Alert! No Extension to December 15 Open Enrollment Deadline
Insurance 

Get answers to your health benefits challenges!
Insurance 

Is a Roth IRA Conversion Right for Me
Education Planning 

How Should I Manage My Retirement Plan?
Financial Planning 

Health Insurance Explained
Insurance 

View All Articles by Thomas J. Hartfield

Tax Planning Articles

 

New Housing Tax
Kenneth R. Harney

Do you owe the IRS money?
Steven Leibold, EA

Uncle Sam Wants to Help You with Summer Camp Costs
On My Own Two Feet

“Innocent spouse” won’t be disqualified for failing to file within two years
File Your Taxes Online

35-year-old "temporary" unemployment tax has finally ended
Nole Fan

View All Tax Planning Articles

Recent Articles

 

How to Protect your Car
General

Ways to Save for Your Child’s College Education
Education Planning

Build Your New Dream Home with the help of Professional Home Builder in Meridian
Architecture

Everest Base Camp Trek
Outdoor

Saving Money: The Secret Money Saving System Called ROSCA Revealed
Business Loans

View More Recent Articles

Most Popular Articles

 

File Taxes for Free – It’s Easy as 1-2-3!
Tax Planning

When is the Dog Deductible?
Tax Planning

Health Insurance Explained
Insurance

Beware of paying for a credit fix: It's a scam
Home Loans

Roth IRA Basics and Benefits
Retirement Planning

View Other Popular Articles

Ask Savism Experts

Lower Your Bills, Establish New Services, Find Service Professionals!


getquotebutton

ArtOfSaving Get a free quota

getquotebutton

Find an Event

Fairs, Workshops, Seminars...


getquotebutton

Write a New ArticleSavism University Article

What Tax Deductions Are Still Available to Me?

Category: Tax Planning

What Tax Deductions Are Still Available to Me?

When Congress changed the tax codes with the Tax Reform Act of 1986, it eliminated many of the deductions that enabled many people to avoid paying income taxes. The revision was very thorough.

However, for those taxpayers who itemize, some key deductions remain.

For example, most if not all of your family’s unreimbursed medical and dental expenses may be deductible. If you had high medical or dental bills during the past year that weren’t covered by insurance, you may be able to deduct them from your adjusted gross income when you calculate your income taxes.

The following medical and dental expenses are deductible: examinations, surgical procedures, orthodontics, physical therapy, prescription drugs, cosmetic surgery, medical insurance premiums, and travel to and from facilities where medical treatment is given. Expenses that are not deductible include weight-loss programs, health club dues, diaper services, maternity clothes, smoking cessation programs, and nonmedical insurance premiums.

One key fact: you may only deduct medical and dental expenses to the extent that they exceed 71/2 percent of your adjusted gross income and were not reimbursed by your insurance company or employer.

In addition to medical and dental expenses, certain miscellaneous expenses — primarily unreimbursed employee business expenses — can be written off if they exceed 2 percent of your adjusted gross income. Some of the expenses that qualify for this deduction are: union dues, small tools, uniforms, employment agency fees, home office expenses, tax preparation fees, safe deposit box fees, and investment expenses. Your tax advisor will be able to tell you exactly what’s deductible for you.

The end of the year is the time to take one last good look and try to determine if you qualify or if you’re close.

If you’re not close to reaching those cutoffs, you may opt to postpone paying these expenses until the following year, when you may be able to deduct them.

On the other hand, if you’re only a little short of the threshold amount, you may want to hunt for additional expenses that will push you over the line.

With a little planning and some help from a qualified tax professional, you may be able to lower your income taxes this year. You just have to plan ahead.

Author Bio

Thomas J. Hartfield, President and founder of Hartfield Financial & Insurance Services, Inc., launched his Independent Investment Services and Insurance Planning practice in 1994 to help small business owners and individual investors spend more time with their families so they can build their businesses. So that investors like you feel confident your investments are managed by professional money managers.


Spread The Word

Rate This Article
RateRateRateRateRate RateRateRateRate RateRateRate RateRate Rate Rate
Comment This Article
Submit Comment
Comments
Jordan Bauer Jordan Bauer
Date: 3/20/2015
Time: 05:49
Great Article Thomas! Thanks for sharing..
Resources / Become Our Partner
banner banner banner banner banner banner banner
Home
Ask Experts
Savism University
Forum/Discussions
Coupons
Special Offers
Become a Member
Request Free Quotes
Events
Webinars
Links - Add Link
Privacy Policy
Business Directory
Blog Directory
Video Directory
National Savings Day
Learn at Lunch
rssfeed RSS Headlines

Add Your Business
Become an Expert
Participate in Discussions
Post New Article
Create a Coupon
Ask a Question
Contact Us
Advertising
About Us
Site Map
Feedback
Connect on Twitter
2017 Art Of Saving
Savism, National Savings Day & United We Save are registered trademarks.