Common Itemized Deductions

A standard deduction is a fixed amount of tax deductions from income that a taxpayer may choose to make without having to itemize them. (Standard Amounts = Single $5,700; Married Filing Jointly $11,400; Head of Household $8,400; Married Filing Separately $5,700; Qualifying Widow(er) $11,400) If you itemize, you can deduct a part of your medical and dental expenses and un- reimbursed employee business expenses, and amounts you paid for certain taxes, interest, contributions, and miscellaneous expenses. You can also deduct certain casualty and theft losses.

Below is a more detailed list:

Common Itemized Deductions

Casualty and Theft Losses (Unreimbursed)
Charitable Contributions – Cash, property, donated clothing or household items and appreciated long term assets.
Employee Business Expenses (Unreimbursed)*
Gambling Losses
Health Insurance Costs & Medical Expenses (See Form 1040 and 1040A Instructions for Complete List) Amount is deductible after insurance reimbursements:
o Alcohol or drug abuse treatment§

o Annual physical

o Crutches, canes and orthopedic shoes§

o Long-term care insurance

o Medical transportation§

o Orthodontia

o Prescription eyeglasses, contact lenses and hearing aids§

Income tax preparation software and fees*
Investment Expenses*
Job Search Expenses*
Mileage & Expenses Associated with Volunteer Work
Mortgage Interest (Including Equity Loan Interest)
Points Paid for a Mortgage/Refinancing
Professional Investment Advisory Fees*
Taxes – State/Local Income and Personal Property

§ Deductible to the extent the total of all medical and dental expenses exceeds 7.5% of adjusted gross income.

*Deductible as miscellaneous itemized deductions to the extent the total exceeds 2% of adjusted gross income.

List Copyright ©2011 American Institute of CPAs

About the Author

Toni is Filak CPA’s Office Manager who manages day-to-day operations of the firm & keeps the office running smoothly. She prepares payroll and performs monthly accounting services for our clients. She also handles the billing and accounts receivable for our firm.
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