At a Glance Professional association dues were deductible as unreimbursed work-related expenses before the Tax Cuts and Jobs Act (TCJA) of 2017. For self-employed professionals, these dues are often deductible if they are ordinary and necessary for their trade or business. Membership fees for certai…
At a Glance The tax deduction for moving expenses is suspended for non-military taxpayers from 2018-2025 Active-duty military members may be eligible to deduct moving expenses Military members must not be reimbursed for the moving expenses to claim the deduction State-level deductions or credits for…
At a Glance Moving expenses for military personnel can be tax deductible. Active-duty members of the Armed Forces may deduct unreimbursed moving expenses. Expenses include the cost of moving household goods, personal effects, and travel costs. These deductions can be claimed without itemizing. Activ…
At a Glance Losses from Ponzi schemes may be tax deductible under certain conditions IRS treats Ponzi scheme losses as theft losses Criteria for theft loss deduction Documentation required to support theft loss deduction Victims of Ponzi schemes suffer not only financial and emotional distress but a…
At a Glance Jury duty expenses are not tax deductible. Jury duty pay surrendered to employers was previously deductible, but recent tax reforms have affected this provision. Jury duty pay received directly should be reported as income on tax returns. Lost wages due to serving jury duty are not deduc…
At a Glance Job search expenses were previously deductible, but the Tax Cuts and Jobs Act (TCJA) changed the rules. Miscellaneous job search expenses are no longer deductible on federal tax returns. Self-employed individuals may still be able to deduct job search expenses related to their business. …
At a Glance Investment interest expenses may be tax deductible under specific IRS conditions. IRS Form 4952 is used to handle the deduction and limit it to net investment income. Net investment income includes various sources of income and deducts expenses related to producing taxable investment inc…
At a Glance Investment expenses were suspended from 2018 through 2025 under the TCJA Most direct investment expenses cannot be deducted on personal tax returns However, interest expenses, business and rental expenses, and retirement account expenses may still be deductible in certain circumstances I…
At a Glance Owning a home does not make homeowners association (HOA) fees tax-deductible. Homeowners may still be eligible for deductions such as mortgage interest and property taxes. Some energy-efficient home improvements may qualify for tax credits. Owning a home often comes with additional expen…
At a Glance Home office expenses may be tax deductible depending on certain criteria. IRS sets strict criteria for home office deductions, including exclusive and regular use. Two methods for calculating the deduction: Simplified Option and Regular Method. Employees generally cannot claim home offic…