Regular Deductions
These deductions are not related to an artistic profession and can be taken regardless of your profession. Please be aware that most of the deductions listed below either have income limitations or can only be taken if you choose to itemize. While this list does cover all the common deductions, it does not cover every potential deduction, nor does it cover tax credits. For more details, feel free to contact me to set up an appointment.
NOTE: THIS PAGE ONLY ADDRESSES DEDUCTIONS FOR FEDERAL TAX RETURNS AND NOT STATE TAX RETURNS. BECAUSE STATE TAX RETURNS VARY SIGNIFICANTLY FROM STATE TO STATE, BE SURE TO CHECK WITH YOUR LOCAL DEPARTMENT OF REVENUE.
* Denotes Itemized Deduction
+ Denotes Income Limitation
Medical/Dental Expenses*
NOTE: Medical Expenses can only be applied if they equal more than 10% of your adjusted gross income (7.5% after 2017) and you choose to itemize. See Pub. 502 for more details.
Allowable
-Health Insurance Premiums
-Out of Pocket Expenses
-Prescription Drugs
-Glasses or Contacts
-Insulin
-Medical-Related Transportation
-Braces
-False Teeth
-Chiropractor Visits
-Nursing Home Care
-And More
NOT Allowed
-Maternity Clothes
-Non-Prescription Drugs (EXCEPT Insulin)
-Cosmetic Surgery
-Movement Classes
-Health/Fitness Club Dues
-Teeth Whitening
-Nutritional Supplements
-Hair Transplant/Removal
-Controlled Substances
-Personal Use Items
Student Loan Interest+
NOTE: Maximum deduction is $2500.
State and Local Tax*
NOTE: You have to choose either income or sales tax and your deduction is limited to $10,000.
Charitable Donations*
NOTE: If you don't itemize you can still claim this deduction on your MN state tax return if you give more than $500 during the year.
Mortgage Interest and Points*
Mortgage Insurance Premiums*
Penalty on early savings withdrawal
NOTE: This amount will be shown on Form 1099-INT or 1099-OID.
Educator Expenses
NOTE: Maximum deduction is $250 and can only be taken by K-12 educators (not Home School teachers).
Traditional IRA Contributions+
NOTE: Roth IRA's, 401K plans, and other retirement plans can be used for the Retirement Savings Contributions Credit if you qualify.
Moving Expenses
NOTE: NOT DEDUCTIBLE AFTER 2017
Alimony Payments
NOTE: NOT DEDUCTIBLE AFTER 2017.
College Tuition and Fees+
NOTE: Room and board expenses do not qualify.
Health Savings Account Contributions
Casualty and Theft Losses*
NOTE: NOT DEDUCTIBLE AFTER 2017.
Unreimbursed Employee Expenses*
NOTE: NOT DEDUCTIBLE AFTER 2017.
Tax Preparation Fees*
NOTE: Personal tax preparation fees cannot be deducted after 2017. However, fees paid for preparing a Schedule C, C-EZ, or F can still be deducted as a business expense.
Gambling Losses*
NOTE: Can ONLY be deducted to the extent of reported winnings.
Hobby Losses*
NOTE: NOT DEDUCTIBLE AFTER 2017..
