INCOME

 

W-2 and 1099 Forms

Dividends

Sales and Stock

Social Security

Unemployment comp.

Pension, IRA, Annuities

Self Employment

Rental and Royalty

Partnership and S-Corp

Estates and Trusts

Gambling Winnings

Alimony Received

Sales of Property

Sale of Residence

Child Support*

Workmens Comp*

FIA Cash Benefits*

*not taxable, may needed to figure state credits.

 

 

ADJUSTMENTS AND CREDITS

HAS Contributions

Educator Expenses

Moving Expenses

Alimony Paid

IRA Contributions

Student Loan Interest

Day Care Expenses

College Tuition, Books

 

 

LOSSES

Gambling*

(Deductible only to the extent of winnings claimed as income. Losses include losing lotto printouts from casino). 

Casualty-ie: fire, flood

Must exceed 10% of AGI plus 100.00 to be deductible.

 

 

MISC EXPENSES

Expenses in this category are deductible if they exceed 2% of adjusted gross income.

These items include but are not limited to:

Union Dues

Uniforms

Professional Dues

Tools and Equipment

Safety Gear

Tax Prep Fee

Business Mileage

(55 cents per mile)

Cell Phone

Safe Deposit Box

Investment Expenses

Qualified Meals

Job Hunting Expenses*

Deductible when seeking a new job in the same line of work. Expenses include travel, cost of resume, agency fees…etc.

Energy Efficient Home Improvements

IRS has reinstated the residential energy credits for the 2009 tax year. Qualifying improvements include: insulation, exterior windows, exterior doors, water heaters, heat pumps, furnaces, water boilers, central air and certain metal and asphalt roofs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITEMIZED DEDUCTIONS

MEDICAL

Out of pocket medical is deductible if they exceed 7.5% of adjusted gross income.

Medical expenses Include:

Insurance Premiums

Dental and Doctor Bills

Optical

Prescriptions

Qualified Home Improvements

Medical Miles Driven

 

TAXES
Primary Residence

Second Home

Vacant Property

License Plate Fees

State Sales Tax*

Deductible if sales tax paid for the year exceeds state tax withheld from form w2

 

CHARITABLE

Cash or check

Non Cash (clothing etc.)

Church Tithes

Volunteer Miles Driven

(14 cents per mile)

 

INTEREST

Mortgage

Equity Loans

Second Home*

Includes qualifying boat and RV interest

Investment