2016: list of 50 tax write-offs

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1/19

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(http://www.gobankingrates.com/personal-finance/taxes/) > Tax Deductions (http://www.gobankingrates.com/personal-finance/taxes/tax-deductions/) > Tax

Deductions 2016: List of 50 Tax Write-Offs You Don’t Know About (http://www.gobankingrates.com/personal-finance/49-special-tax-deductions-dont/)

Tax Deductions 2016: List of 50Tax Write-Offs You Don’t KnowAbout

Learn about the top tax write-offs for2015, from student loan deductions togambling deductions.

By TaxACT (http://www.gobankingrates.com/author/taxact/)

/ January 14, 2016

/ ! 38 Comments (http://www.gobankingrates.com/personal-

finance/49-special-tax-deductions-dont/ #disqus_thread)

Back to Slide One

Tax deductions reduce your taxable income by accounting for

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

childcare costs and mortgage interest to charitable donations and

moving expenses.

Learn about new tax breaks for 2016 and which deductions arereturning this tax season.

Related: Don't Forget These 8 Important Deductions

(http://www.gobankingrates.com/personal-finance/10-

commonly-forgotten-tax-deductions/)

1. Standard DeductionEven if you don't have a lot of itemized deductions

(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:

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2/19

Standard Deduction for Individual Taxpayers

Your Income Your Tax Due

$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

$90,750

$189,301 —

$411,500

$46,075.25 + 33% of the amount over

$189,300

$411,501 —

$413,200


$411,500

$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



$18,451 — $74,900 $1,845 + 15% of the amount over $18,450

$74,901 —

$151,200


$74,900

$151,201 —$230,450

$29,387.50 + 28% of the amount over$151,200

$230,451 —

$411,500


$230,450

$411,501 —

$464,850

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


$464,850


Head of Household





$129,601 —

$209,850


$129,600

$209,851 —

$411,500


$209,850

$411,501 —

$439,000

$115,737 + 35% of the amount over

$411,500

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

$439,000


Married But Filing Separately



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


$75,601 —

$115,225


$75,600

$115,226 —

$205,750


$115,225

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3/19

$205,751 —

$232,425

$55,662 + 35% of the amount over $205,750


$232,425


Trusts and Estates


$0 — $2,500 15% of taxable income

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



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


2. Mortgage Insurance PremiumsDeductionIf 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 DeductionRegardless 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/)

http://www.gobankingrates.com/personal-finance/top-10-most-expensive-states-file-taxes/http://www.gobankingrates.com/personal-finance/legally-cheat-tax-bracket/


4/19

4. State and Local Sales TaxYou 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 DonationsIf 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 DonationsIf 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).

http://www.gobankingrates.com/personal-finance/can-really-write-off-donation/


5/19

7. Donating Your Time and TalentsYou 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 DeductionEven 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 ExpensesIf 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


6/19

10. Moving ExpensesIf 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 TravelExpensesIf 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 ExpensesYou 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.


7/19

13. Tax Preparation FeesWhether 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 DeductionIf 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 PointsIf you itemize, you can immediately deduct the points you paid to

purchase or build your primary home.


8/19

16. Home Renovation DeductionMost 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 TaxesCertain 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 HomeYou 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


9/19

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 CarIf 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 ExpensesYou might be able to deduct certain unreimbursed business

expenses incurred while traveling for work. Costs could includetransportation, 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 ExpensesUnder 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.


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22. Employee Business ExpensesIf 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 FeesIf you donated property in 2015, you can include appraisal fees you

paid on your miscellaneous tax deductible items.

24. Fees to Collect Interest andDividendsFees 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.


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25. Hobby ExpensesYou 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 ExpensesCertain 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 feesTransportation costs to and from an advisor's office

Attorney costs used to collect taxable income

Costs to replace lost security certificates

27. IRA LossesLosses 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.


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28. Repayment of IncomeIf 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 FeesIf 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 FeesYou can deduct safety deposit box fees paid for storing taxable

income-producing stocks, bonds and investment-related documents.


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31. Gambling LossesFor 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 TheftLossesLosses related to your home, household items and vehicles not

covered by insurance or reimbursed could be deductible.

33. Educator ExpensesK-12 educators can deduct up to $250 for any unreimbursedexpenses for books, supplies, computer equipment and other

supplementary materials. To qualify, you must work at least 900

hours in a school year.


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34. Health Savings AccountContributionsHealth 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. AlimonyIf 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 orderYour 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 InsuranceIs 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.


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37. Penalty for Early Withdrawal of SavingsIf 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 ContributionsAlthough 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 andDependentsFor personal exemptions and dependents, you can deduct up to

$4,000 for 2015, an increase from the 2014 limit of $3,950.


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40. State Balance DueIf 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 DeductionAlthough 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

AccountA Dependent Care Flexible Spending Account (FSA) lets you set asidepretax 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.


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43. Union DuesAmong 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 UniformsIf 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 DeductionIf you were age 65 by the end of 2015, you are eligible for an

additional standard deduction.


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46. Car Registration FeesYou might be able to include vehicle registration fees on your 2015

tax deductions, if you meet certain requirements.

47. Jury Duty PayIf 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 CreditThe 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


19/19

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Back to Slide One

49. Bad Debt DeductionIf 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 SaleIf 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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2016: list of 50 tax write-offs

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