Personal Deductions
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Welcome to Julien Tax
This is not an all-inclusive list and all items are not deductible all the time. Please keep your receipts for three years in case of audit.
Taxes You Paid
- State and local income taxes or general sales tax
- Foreign income tax
- Estimated tax payments
- Prior year’s state and local income tax you paid during the tax year
- Real estate tax
- Personal property tax based on value.
Interest You Paid
- Mortgage Interest
- Mortgage prepayment penalties
- Points on principal residence financing
- Mortgage insurance premiums
- Investment interest
Gifts to Charity
- Charitable contributions (cash and non-cash) made to qualified charities
- Mileage to donate goods to charity or to perform charitable services
Medical Expenses
- Health insurance premiums
- Long term care premiums
- Out of pocket doctors, labs, dentist, hospital costs, eyes exams, glasses, prescriptions, etc.
- Medical mileage
Other Expenses
- Employee non-reimbursed business expense
- Job hunting expenses
- Casualty and theft Losses
- Investment expenses
- Fees for tax return preparation
- Investment counsel and advisory fees
- Certain legal fees
- Safe deposit box rental