Did you claim any of the following deductions in 2017? If so, now is the time to plan to re-evaluate and restructure your tax plan as they are no longer deductible in 2018. Atlantic Wealth Partners can help. Call 561.632.0566 or reach Steve Olson directly at steve@atlanticwealthpartners.com.
- Appraisal fees for a casualty loss or charitable contribution.
- Casualty and theft losses from property used in performing services as an employee.
- Clerical help and office rent in caring for investments.
- Depreciation on home computers used for investments.
- Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust.
- Fees to collect interest and dividends.
- Hobby expenses, but generally not more than hobby income.
- Indirect miscellaneous deductions from pass-through entities.
- Investment fees and expenses.
- Loss on deposits in an insolvent or bankrupt financial institution.
- Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed.
- Repayments of income.
- Safe deposit box rental fees, except for storing jewelry and other personal effects.
- Service charges on dividend reinvestment plans.
- Trustee’s fees for an IRA, if separately billed and paid.
- Business bad debt of an employee.
- Business liability insurance premiums.
- Damages paid to a former employer for breach of an employment contract.
- Depreciation on a computer a taxpayer’s employer requires him to use in his work.
- Dues to a chamber of commerce if membership helps the taxpayer perform his job.
- Dues to professional societies.
- Home office or part of a taxpayer’s home used regularly and exclusively in the taxpayer’s work.
- Job search expenses in the taxpayer’s present occupation.
- Laboratory breakage fees.
- Legal fees related to the taxpayer’s job.
- Licenses and regulatory fees.
- Malpractice insurance premiums.
- Medical examinations required by an employer.
- Occupational taxes.
- Passport fees for a business trip.
- Repayment of an income aid payment received under an employer’s plan.
- Research expenses of a college professor.
- Rural mail carriers’ vehicle expenses.
- Subscriptions to professional journals and trade magazines related to the taxpayer’s work.
- Tools and supplies used in the taxpayer’s work.
- Purchase of travel, transportation, meals, entertainment, gifts, and local lodging related to the taxpayer’s work.
- Union dues and expenses.
- Work clothes and uniforms if required and not suitable for everyday use.
- Work-related education.
- Repayments of income received under a claim of right (only subject to the two-percent floor if less than $3,000).
- Repayments of Social Security benefits.
- The share of deductible investment expenses from pass-through entities.
