TAX INFO

 Talk to your employer to get reimbursed for those job- related expenses. After all, they're for the employer's benefit - and you both get better tax treatment. Your employer can typically deduct more of the expense than you can. As an employee, you can only deduct expenses that exceed 2% of your adjusted gross income. Work on getting reimbursed - that way, you get 100% of the money back with no tax consequences. 

Your most valuable itemized deductions likely come from your home. Look for mortgage interest and point on the Form 1098 you receive from your mortgage lender in January. It also may show your real estate tax. Don’t forget second mortgages and home office deductions.

 Your vehicle registration shows personal property tax you pay when you renew your vehicles' registrations each year. Be sure to include all vehicles owned, not just the one you drive. 

Don't forget to track donations of money and property that you give to charitable organizations. Under new rules, a cash donation of any amount requires a bank record, such as a cancelled check or credit card statement, or a written acknowledgment from the charity showing the name of the charity and the date and amount of the contribution. You must have written acknowledgement for cash donations of $250 or more. Your out- of- pocket volunteer expenses are deductible too, including mileage, parking fees and tolls. 

You can deduct any portion of eligible medical expenses that exceeds 7.5% of your adjusted gross income (AGI) for the tax year (if not reimbursed by your employer or insurance company). Many expenses are eligible: even include routine items like the following:

• Health insurance and long-term care insurance premiums
• Most medical appointments (doctors/specialists, dentist, optometrist, chiropractor, physical therapist, psychologist, etc.)
• Eyeglasses, contact lenses and laser eye surgery
• Prescriptions and insulin
• Hearing aids and medical supplies
• Travel to medical appointments and lodging
• Vitamins taken under doctor orders
• Costs of any special diets, such as gluten free or diabetic prescribed by a MD
• Job-related safety equipment, tools, uniforms, professional associations dues, ect.

You can deduct expenses in this category if the total exceeds 2% of your AGI for the tax year. Some of these expenses (if unreimbursed by your employer) include:

• Job- related safety equipment, tools, uniforms, professional association dues, etc.
• Business mileage to run business errands or attend appointments
• Business use of your home if required by your employer
• Educational courses/certification related to your work
• Costs to look for a new job in your current profession
• Tax preparation and tax planning fees
• Safe deposit box fees and certain investment expenses