Following is a list of selected deduction and exclusion items to consider. Don’t use the list as a tax planning worksheet. Rather, think of it as an exercise to help with your tax planning efforts and a good conversation starter for the next time we visit. Bear in mind that various limitations may apply to the items listed.

Deductible unreimbursed employee expenses

·      Business travel expenses.

·      Business education expenses.

·      Professional organization or chamber of commerce dues.

·      License fees.

·      Impairment-related work expenses.

·      Depreciation on home computers your employer requires you to use in work.

Deductible money management costs

·      Tax preparation fees.

·      Depreciation on home computers used to produce investment income.

·      Investment interest expenses.

·      Dividend reinvestment plan service charges.

·      Loss of deposits due to financial institution insolvency.

Deductible personal expenditures

·      Income, real estate and personal property taxes (state, foreign and local).

·      Medical and dental expenses.

·      Qualifying charitable contributions.

·      Personal casualty and theft losses.

Income excludable from taxable income

·      Health and most life insurance proceeds.

·      Military allowances and veterans benefits.

·      Some scholarship and grant proceeds.

·      Some Social Security benefits.

·      Workers’ compensation proceeds.