Retirement & Financial Planning Report

While the next tax filing season is many months away, it can pay you to review potential itemized deductions that will trim your taxes now. Miscellaneous deductions in excess of 2% of your adjusted gross income can be deducted. Investment expenses that fall into this category include:

  • depreciation on a home computer to the extent used for investments;

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  • cost of computer software and on-line services used to track your investments;

    legal, accounting or advisory fees related to your investments;

  • service charges on dividend reinvestment plans;

  • rent on a safe deposit box used to store income-producing securities and related documents;

  • IRA trustees’ fees, if billed and paid separately;

  • subscriptions to publications you rely upon for investment advice;

  • purchase price of books related to your investments; and,

    travel expenses — such as trips to visit your broker or financial planner — related to your investments.