Your Money Matters: Tax filing tips from CPA Geoff Harlow

Geoff Harlow, CPA, MST, MBA

Kessler Orlean Silver
1101 Lake Cook Road. Suite C
Deerfield
(847) 580-4100
www.koscpa.com

ICPAS - Illinois CPA Society (Chicago)
550 W. Jackson, Suite 900
Chicago
(312) 993-0407

www.icpas.org/findacpa

Did you sell a home in 2016?
You may deduct the real estate tax credit you provided to the buyer.

Did you have a work-related move in 2016?
The costs of moving your household items and travel costs for one trip for members of your household, are deductible

Did you make energy-efficient improvements to your home in 2016?
A residential energy tax credit of 10% of the cost, up to $500 may be available.

Did you pay college tuition in 2016?
You may be eligible for an education credit or deduction.

Are you over 70 1/2 and taking required minimum distributions from your IRA account?
You may make your charitable contributions by having IRA transfer funds to the charities you normally support.

Did you donate clothing or household items to a charity in 2016?
As long as the donated items were “good used condition or better” you are able to deduct the current value of the donated items.

Did you have gambling winnings in 2016?
Gambling winnings are subject to income tax.  But you can deduct gambling losses up to the amount of the winnings