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- Teacher classroom expenses (expires after 2007)
- Student loan interest
- Penalty for early withdrawal of savings
- Alimony
- Charitable contributions — cash, property and
donated clothing or household items
- State and local income taxes and personal
property taxes
- Points paid for mortgage or refinancing
- Mileage and other expenses associated with
volunteer work
- One-half of self-employment tax
- Unreimbursed casualty and theft losses
- Income tax preparation software and fees*
- Job-search expenses*
- Investment expenses*
- Unreimbursed employee business expenses*
- Prescription eyeglasses, contacts and hearing
aids**
- Crutches, canes and orthopedic shoes**
- Cost of alcohol or drug abuse treatment**
- Medical transportation**
* Deductible as miscellaneous itemized deductions to
the extent the total exceeds 2% of AGI
** Deductible to the extent the total of all medical
and dental expenses exceeds 7.5% of AGI
Get professional advice
A CPA tax professional understands the business of
taxes and finances and can review your overall financial
picture to help you find winning tax strategies.
Use our
CPA
Referral Service to find a CPA who's right for you.
Finally, late
in 2007 Congress passed a one-year patch for Alternative
Minimum Tax (AMT) relief in the form of an expanded
exemption. As the AMT defies most traditional tax saving
strategies, it is best to consult with a CPA to find out how it may
affect you.
This article was provided by the American Institute of Certified Public Accountants (AICPA).
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