Have things changed this year or are you new to our office? Below is a list of common deductions and extra resources that you might find helpful.
If you are under the age of 65, you can include in itemized deductions any medical expenses that are more than 10% of your Adjusted Gross Income. See what medical expenses might qualify here or see our medical deduction summary sheet here.
Bring us any 1098 Mortgage Interest statements that you receive as well as the closing statements on purchase, sale, or refinance of up to two homes. Boats and RV's with bathroom and kitchen facilities qualify.
Property taxes actually paid in 2015 for any property you own are deductible. If you live in Denton County you can access the record of your payment by going to this website.
You can either calculate all sales tax paid for the entire year (not including excise taxes) or we can use the IRS tables. Please include sales tax paid on any purchases of cars, boats, RVs, or motorcycles so we can see if you qualify for an extra deduction.
Any contribution of $250 in a single day must have an acknowledgement letter. Volunteer out of pocket expenses and mileage are deductible (but you must have a letter from the charity acknowledging volunteer work). Non-cash charitable contributions must have receipt and an itemized list of the items that were donated. You can get the Salvation Army's guide to valuing these items at their website here.
These deductions have to cross 2% of income:
Safe Deposit Box Fees
Investment (Broker) Fees
Tax Preparation Fees
These losses are only deductible up to the amount that you have won, as proven by W2G's issued by the casinos or gambling institutions.