Year end may seem far away. But now’s a good time to start looking ahead to what itemized deductions you may be able to claim for the 2016 tax year.

Following is a list of selected deduction and exclusion items to consider. Don’t use the list as a tax planning worksheet. Rather, think of it as an exercise to help with your tax planning efforts and a good conversation starter for the next time we visit. Bear in mind that various limitations may apply to the items listed. Once you review the list, contact H&M to set proactive tax planning into motion. We can assist you with your year-round tax needs.

Deductible unreimbursed employee expenses

•      Business travel expenses.
•      Business education expenses.
•      Professional organization or chamber of commerce dues.
•      License fees.
•      Impairment-related work expenses.
•      Depreciation on home computers your employer requires you to use in work.

Deductible money management costs

•       Tax preparation fees.
•      Depreciation on home computers used to produce investment income.
•      Investment interest expenses.
•       Dividend reinvestment plan service charges.
•      Loss of deposits due to financial institution insolvency.

Deductible personal expenditures

•         Income, real estate and personal property taxes (state, foreign and local).
•        Medical and dental expenses.
•        Qualifying charitable contributions.
•        Personal casualty and theft losses.

Income excludable from taxable income

•         Health and most life insurance proceeds.
•        Military allowances and veterans benefits.
•        Some scholarship and grant proceeds.
•        Some Social Security benefits.
•        Workers’ compensation proceeds