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Tax Deductions 2016: List of 50 APY

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Learn about the top tax write-offs for


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Tax deductions reduce your taxable income by accounting for * APY = Annual Percentage Yield
expenses you've incurred. The IRS offers many ways to reduce your
taxable income (http://www.gobankingrates.com/personal-
finance/30-tax-deductions-youre-missing-out/), from deducting View Great Local Rates
childcare costs and mortgage interest to charitable donations and
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moving expenses.

Learn about new tax breaks for 2016 and which deductions are 23704
returning this tax season.
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1.05
1. Standard Deduction
Even if you don't have a lot of itemized deductions Most Popular Personal Finance Articles
(http://www.gobankingrates.com/personal-finance/deadline-
countdown-dos-donts-itemizing) to file, you still qualify for a
standard deduction for 2015, which is based off of your income.
Below is a list of standard deductions based off income and how you
plan to file:
Standard Deduction for Individual Taxpayers Read Across 58% of
Your Income Your Tax Due America Day: Millennials Still
13 Children’s Prefer to Get
$0 — $9,225 10% of your taxable income

$9,226 — $37,450 $922.50 + 15% of the amount over $9,225

$37,451 — $90,750 $5,156.25 + 25% of the amount over $37,450

$90,751 — 189,300 $18,481.25 + 28% of the amount over ‘Once Upon a 20 Ways to Pay
$90,750 Time’ Less at Costco
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$189,301 — $46,075.25 + 33% of the amount over Jennifer finance/20-
$411,500 $189,300 ways-pay-less-
Morrison Net
$411,501 — $119,401.25 + 35% of the amount over
$413,200 $411,500
Most Viewed Personal Finance Video
$413,201 and more $119,996.25 + 39.6% of the amount over
$413,200

Data from Forbes.com.


Married Filing Joint Return or Surviving Spouse

Your Income Your Tax Due


(http://www.gobankingrates.com/personal-
$0 — $18,450 10% of your taxable income
finance/10-ways-bounce-
$18,451 — $74,900 $1,845 + 15% of the amount over $18,450 back-after-holiday-
shopping/)
$74,901 — $10,312.50 + 25% of the amount over
$151,200 $74,900

$151,201 — $29,387.50 + 28% of the amount over


$230,450 $151,200

$230,451 — $51,577.50 + 33% of the amount over


$411,500 $230,450

$411,501 — $111,324 + 35% of the amount over $411,500


$464,850

$464,850 and more $129,996.50 + 39.6% of the amount over


$464,850
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Data from Forbes.com.

Head of Household Banking

Your Income Your Tax Due


23704 GO!
$0 — $18,450 10% of your taxable income

$13,151 — $50,200 $1,315 + 15% of the amount over $13,150

$50,201 — $129,600 $6,872.50 + 25% of the amount over $50,200

$129,601 — $26,772.50 + 28% of the amount over


$209,850 $129,600

$209,851 — $49,192.50 + 33% of the amount over


$411,500 $209,850

$411,501 — $115,737 + 35% of the amount over


$439,000 $411,500

$439,001 and more $125,362 + 39.6% of the amount over


$439,000

Data from Forbes.com.

Married But Filing Separately

Your Income Your Tax Due

$0 — $18,450 10% of your taxable income

$9,226 — $37,450 $922.50 + 15% of the amount over $9,225

$37,451 — $75,600 $5,156.25 + 25% of the amount over $37,450

$75,601 — $14,693.75 + 28% of the amount over


$115,225 $75,600

$115,226 — $25,788.75 + 33% of the amount over


$205,750 $115,225
$205,751 — $55,662 + 35% of the amount over $205,750
$232,425

$232,426 and more $64,998.25 + 39.6% of the amount over


$232,425

Data from Forbes.com.

Trusts and Estates

Your Income Your Tax Due

$0 — $2,500 15% of taxable income

$2,501 — $5,900 $375 + 25% of the amount over $2,500

$5,901 — $9,050 $1,225 + 28% of the amount over $5,900

$9,051 — $12,300 $2,107 + 33% of the amount over $9,050

$12,301 and more $3,179.50 + 39.6% of the amount over $12,300

Data from Forbes.com.

2. Mortgage Insurance Premiums


Deduction
If you obtained your mortgage insurance policy in 2007 or later, you
might qualify for a deduction on the amount you've paid toward your
mortgage insurance premium. However, as of mid-December,
lawmakers haven't extended the expiration date on this provision,
according to The Motley Fool. If this measure isn't extended, you
won't be able to deduct the amount you've put toward your
mortgage insurance premium.

3. Tuition and Fees Deduction


Regardless of whether you take the standard deduction or itemize,
you can deduct up to $4,000 in qualifying tuition and fees paid for
yourself, your spouse or a dependent in 2015. The expenses must be
for higher education. If you are married but filing separately or if
another person can claim an exemption for you as a dependent, then
you don't qualify for the tuition and fees deduction
(http://www.gobankingrates.com/personal-finance/legally-cheat-
tax-bracket/).

Learn: The Most Expensive States for Paying Taxes


(http://www.gobankingrates.com/personal-finance/top-10-most-
expensive-states-file-taxes/)
4. State and Local Sales Tax
You have the option of deducting either your state and local income
taxes or state and local general sales taxes paid. If you live in a non-
income taxing state, deduct state and local sales taxes paid.

5. Cash Donations
If you itemize deductions, you can deduct cash donations to IRS-
approved charities. You must have written record of your donation in
order to deduct cash gifts, no matter the amount. A qualifying
written record can be a copy of the bank record, a statement from
the organization or a payroll deduction record.

Related: How to Know If You Can Really Write Off That


Charitable Donation (http://www.gobankingrates.com/personal-
finance/can-really-write-off-donation/)

6. Non-Cash Donations
If you itemize, you can claim the fair market value (FMV) of donated
clothing, household items and stock. Fair market value is the price
you otherwise could have sold the items at. If you plan to donate
your car, make sure you are donating to a qualified charity, such as a
501(c)(3).
7. Donating Your Time and Talents
You can deduct certain expenses for charity work. For instance, you
can deduct the cost of gas and oil if you use your car to get to and
from the place you volunteer. If you don't want to calculate the value
per mile you can deduct, a standard mileage rate of 14 cents per mile
is acceptable.

You can also deduct the cost of purchasing and maintaining uniforms
you wear to hospitals where you volunteer.

8. Student Loan Interest Deduction


Even if you don't itemize your deductions, you can deduct up to
$2,500 in qualified student loan interest paid in 2015. You do not
qualify for this deduction if your gross-adjusted income is more than
$80,000, or $160,000 for married couples filing jointly.

9. Job Search Expenses


If you itemize, you can deduct expenses incurred while searching for
a job in the same line of work as your current or most recent job.
Expenses you can deduct include:

Transportation, which includes a deduction of 56 cents per


mile, parking, tolls and cab fees
Preparing, printing and mailing out your resume
Phone expenses
Ad placement
Fees related to job searches
Employment agency fees
10. Moving Expenses
If you meet the IRS distance and time tests and moved for a new job,
you can qualify for a moving expense deduction. Qualified expenses
include the cost of moving your belongings and travel to your new
home. The standard mileage rate is 23 cents per mile. You can also
deduct the cost of lodging for yourself and household members.

11. Military Reservist Travel


Expenses
If you travel more than 100 miles from home for service, you can
subtract travel expenses from the income you report on your tax
return. Qualifying expenses include transportation, meals and
lodging.

12. Medical and Dental Expenses


You can deduct medical and dental expenses for you, your spouse
and your dependents after your total medical expenses exceed 10
percent of your adjusted gross income (AGI). If you or your spouse is
age 65 or older, you can deduct total medical expenses that exceed
7.5 percent of your AGI.
13. Tax Preparation Fees
Whether you did your own taxes or paid someone to do them, you
can include the fees on your miscellaneous tax deductions list. Costs
can include tax return preparation and electronic filing fees.

14. Mortgage Interest Deduction


If you itemize, you can deduct the interest paid on your mortgage. As
part of the deduction, you can deduct interest paid on loans totaling
$1 million or less. If you're married and file separately, you can only
deduct on loans totaling up to $500,000.

15. Mortgage Points


If you itemize, you can immediately deduct the points you paid to
purchase or build your primary home.
16. Home Renovation Deduction
Most often, home renovation costs are not deductible on your tax
return. However, if you make improvements to your home for
medical purposes, such as adding entrance and exit wheelchair
ramps and lowering cabinets for accessibility purposes, you can
deduct these renovations as medical expenses. If these renovations
increase the value of your home, however, they cannot be claimed as
medical-related expenses, according to TurboTax.

17. State, Local and Foreign Taxes


Certain taxes imposed on you can be claimed as an itemized
deduction on your tax return. Including state and local sales tax, you
can also deduct:

State and local personal property taxes


State, local and foreign real estate taxes
State, local and foreign income taxes

18. Business Use of Your Home


You can deduct certain expenses for using a part of your home for
business. To qualify for this deduction, you must use part of your
home for one of the following:

As the primary location for trade or business


As the primary location for meeting and tending patients or
clients
As a storage facility for inventory or product samples for your
business or trade
If you have a separate, unattached structure on your property,
it must be used exclusively for your business or trade
For rental use
As a daycare facility

19. Business Use of Your Car


If you use your car for your job or business, you might be able to
deduct the costs incurred for business use. You can either use a
standard mileage rate of 54 cents per mile or the actual expense
method.

20. Business Travel Expenses


You might be able to deduct certain unreimbursed business
expenses incurred while traveling for work. Costs could include
transportation, baggage fees, meals, lodging and laundry. Any
expenses that are considered extravagant or lavish do not qualify for
the business travel expenses deduction.

21. Educational Expenses


Under the American Opportunity Tax Credit, which was extended
through December 2017, you can deduct up to $2,500 per student.
With this tax credit you can deduct college-related expenses, such as
the cost of course materials.
22. Employee Business Expenses
If you itemize, some local transportation costs are deductible, as well
as certain business entertainment and gift expenses. Keep record of
your expenses as proof for when you deduct.

23. Appraisal Fees


If you donated property in 2015, you can include appraisal fees you
paid on your miscellaneous tax deductible items.

24. Fees to Collect Interest and


Dividends
Fees paid to a broker, bank, trustee or similar agent to collect
taxable bond interest or dividends on shares of stock (but not stocks,
bonds or securities) are deductible.
25. Hobby Expenses
You can deduct ordinary and necessary expenses incurred from a
hobby. Unlike a business, a hobby is specifically not meant to make a
profit. If you suffer losses due to a hobby, you cannot deduct the loss
from your income.

26. Investment Fees and Expenses


Certain fees you pay to manage your investments can qualify as a
miscellaneous deduction. Such costs include:

Fees for investment counseling


Custodial fees, if paid for outside of the account
Software and online services used to manage investments
Safety deposit rental fees
Transportation costs to and from an advisor's office
Attorney costs used to collect taxable income
Costs to replace lost security certificates

27. IRA Losses


Losses on traditional and Roth IRAs can be claimed as a
miscellaneous itemized deduction if all the amounts in your accounts
have been distributed to you and the total distributions are less than
your unrecovered basis.
28. Repayment of Income
If you had to repay income that you included in ordinary income in an
earlier year, you might be able to deduct the repaid amount. In most
cases, you can only claim a deduction for repayment of income if
your repayment qualifies as an expense or loss you had at your
business, trade or in a transaction.

29. Legal Fees


If you itemize, you can deduct legal fees related to doing or keeping
your job, collecting taxable alimony, or tax advice. You cannot deduct
fees you paid to defend against charges that rose from participating
in a political campaign.

30. Safety Deposit Box Rental Fees


You can deduct safety deposit box fees paid for storing taxable
income-producing stocks, bonds and investment-related documents.
31. Gambling Losses
For gamblers, you might be able to recoup some of your losses.
Winnings from gambling is taxable and must be reported. If you
suffered gambling losses, you can deduct up to the amount of
gambling income you reported. Claim your losses as a miscellaneous
deduction.

32. Casualty, Disaster and Theft


Losses
Losses related to your home, household items and vehicles not
covered by insurance or reimbursed could be deductible.

33. Educator Expenses


K-12 educators can deduct up to $250 for any unreimbursed
expenses for books, supplies, computer equipment and other
supplementary materials. To qualify, you must work at least 900
hours in a school year.
34. Health Savings Account
Contributions
Health Savings Accounts (HSAs) are tax-exempt accounts used to pay
or reimburse certain medical expenses. As a benefit of HSAs, you can
claim a tax deduction on contributions you or another individual
made to your HSA.

35. Alimony
If you paid alimony in 2015 as part of a divorce or separate
maintenance decree, you can deduct how much you paid. Your
payments qualify as alimony if:

You and your spouse or former spouse do not file jointly


You paid with cash, check or money order
Your payment went to your spouse or former spouse
In the case of being legally separated, you do not live in the
same household as your former spouse
Your payment is not for child support or property settlement

36. Self-Employed Health Insurance


Is health insurance tax deductible for the self-employed? Absolutely.
If you were self-employed in 2015, you can deduct premiums paid for
medical and dental insurance, as well as qualified long-term care
insurance for yourself, your spouse and your dependents.
37. Penalty for Early Withdrawal of
Savings
If you withdrew your money early from a certificate of deposit or
similar bank investment, the penalty you pay could qualify among
deductions for taxes.

38. IRA Contributions


Although IRS itemized deductions do not allow Roth IRA
contributions, you might be able to claim the amount you put toward
a traditional IRA. Get a deduction for up to $5,500 contributed to a
traditional IRA in 2015. If you're age 50 or over, you can contribute
up to $6,500.

39. Personal Exemptions and


Dependents
For personal exemptions and dependents, you can deduct up to
$4,000 for 2015, an increase from the 2014 limit of $3,950.
40. State Balance Due
If you owed additional taxes on a prior year's state return and paid
them in 2015, you might be able to deduct the taxes paid.

41. 401k Tax Deduction


Although there is no 401k tax deduction you'll include when you file
your taxes for 2015, just by making contributions you reduce your
taxable income. That's because your pretax contributions are
deducted from your taxable income when your employer issues your
W-2 form.

42. Dependent Care Flex Spending


Account
A Dependent Care Flexible Spending Account (FSA) lets you set aside
pretax money for expenses related to caring for a child, a disabled
spouse, parent or other mentally or physically handicapped
dependent. You are allowed to contribute up to $5,000 pretax
dollars toward a Dependent Care FSA. The amount you contribute
will not be taxed on your tax return.
43. Union Dues
Among the numerous tax write-offs for 2015, union dues and
expenses are included. You can deduct initiation fees and dues you
pay for membership in a union.

44. Work Uniforms


If your employer requires you to wear clothes that is not suitable for
ordinary wear, you can claim them as a deduction. Common items
deducted include theater costumes and safety gear. Note that suits
do not qualify for your list of itemized deductions.

45. Senior Tax Deduction


If you were age 65 by the end of 2015, you are eligible for an
additional standard deduction.
46. Car Registration Fees
You might be able to include vehicle registration fees on your 2015
tax deductions, if you meet certain requirements.

47. Jury Duty Pay


If you gave your jury pay to your employer because they paid your
salary while you served on the jury, you could deduct your jury pay
from your taxable income.

48. Earned Income Tax Credit


The Earned Income Tax Credit (EITC) is a commonly overlooked tax
credit for low- to moderate-income individuals. Although it is not
considered an IRS deduction, the EITC is a refundable tax credit
meant to supplement income. The amount you receive will range
from $503 to $6,242
49. Bad Debt Deduction
If you lent money that was never repaid, you have bad debt. To
deduct bad debt, you must prove that you loaned out cash or you
have previously included the amount in your income, according to
the IRS. You must also show that you attempted to collect the debt
and that there is no chance the debt will ever be collected.

50. Home Sale


If you sold your home at a profit, you can exclude up to $250,000
($500,000 for married filing jointly) of gains from your income.

Michael Galvis (http://www.gobankingrates.com/author/mgalvis/)


contributed to this article.

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