Is your tax plan optimized for 2018?

Did you claim any of the following deductions in 2017? If so, now is the time to plan to re-evaluate and restructure your tax plan as they are no longer deductible in 2018. Atlantic Wealth Partners can help. Call 561.632.0566 or reach Steve Olson directly at steve@atlanticwealthpartners.com.

  • Appraisal fees for a casualty loss or charitable contribution.
  • Casualty and theft losses from property used in performing services as an employee.
  • Clerical help and office rent in caring for investments.
  • Depreciation on home computers used for investments.
  • Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust.
  • Fees to collect interest and dividends.
  • Hobby expenses, but generally not more than hobby income.
  • Indirect miscellaneous deductions from pass-through entities.
  • Investment fees and expenses.
  • Loss on deposits in an insolvent or bankrupt financial institution.
  • Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed.
  • Repayments of income.
  • Safe deposit box rental fees, except for storing jewelry and other personal effects.
  • Service charges on dividend reinvestment plans.
  • Trustee’s fees for an IRA, if separately billed and paid.
  • Business bad debt of an employee.
  • Business liability insurance premiums.
  • Damages paid to a former employer for breach of an employment contract.
  • Depreciation on a computer a taxpayer’s employer requires him to use in his work.
  • Dues to a chamber of commerce if membership helps the taxpayer perform his job.
  • Dues to professional societies.
  • Home office or part of a taxpayer’s home used regularly and exclusively in the taxpayer’s work.
  • Job search expenses in the taxpayer’s present occupation.
  • Laboratory breakage fees.
  • Legal fees related to the taxpayer’s job.
  • Licenses and regulatory fees.
  • Malpractice insurance premiums.
  • Medical examinations required by an employer.
  • Occupational taxes.
  • Passport fees for a business trip.
  • Repayment of an income aid payment received under an employer’s plan.
  • Research expenses of a college professor.
  • Rural mail carriers’ vehicle expenses.
  • Subscriptions to professional journals and trade magazines related to the taxpayer’s work.
  • Tools and supplies used in the taxpayer’s work.
  • Purchase of travel, transportation, meals, entertainment, gifts, and local lodging related to the taxpayer’s work.
  • Union dues and expenses.
  • Work clothes and uniforms if required and not suitable for everyday use.
  • Work-related education.
  • Repayments of income received under a claim of right (only subject to the two-percent floor if less than $3,000).
  • Repayments of Social Security benefits.
  • The share of deductible investment expenses from pass-through entities.