Medical deductions. Medical deductions are deductible only to the extent they exceed 7.5% of your adjusted gross income, but higher health insurance premiums may do the trick. Don’t forget Medicare premiums. Some home improvements qualify.

State and local taxes. These are now limited to $10,000 per year but you can combine, sales, real estate, and income taxes. Most of my clients spend a lot more on sales tax than the IRS table amount. Do you? Many clients can save $1,000 or more by calculating their actual sales tax and maintaining records to prove it. Don’t forget the sales tax on a new vehicle. One client proved over $10,000 in sales tax by getting receipts for materials used to build an addition to their house. Don’t forget real estate taxes on second homes. f you have a business or rental property.

My advice: Come on in and let me help you calculate your actual sales tax and show you how to prove it. 

My advice. You can deduct real estate taxes paid this year once they are due.

My advice: If your taxes exceed $10,000, ask me if you can deduct any of the excess under your Business or Rental.

Mortgage interest. I have one client who saves more than a thousand dollars per year by deducting home mortgage interest on his sailing yacht since it has living quarters.

HELOC: Normally not deductible under the new law, interest on a HELOC can be deducted in some cases if used for a home addition, for a rental property or for a business.

My Advice: Mortgage insurance premiums. Did you know that you can deduct mortgage insurance premiums on the purchase of your principal residence?

My advice:  “Points” on the refinancing of your home that were not deductible when paid can be deducted when you pay off that loan.

My advice: One client was surprised to find that the margin interest in his year-end investment statement could be deducted to the extent of investment income.

The next WealthWISe will talk about my favorite deductions, charitable contributions.