Friday, December 15, 2017

2017 Boomer Deduction Worksheet

I know this worksheet is making you Boomer Dudes a crap ton of money, so share the love and buy my tax books: Kirk Taylor, EA Author Page
For the new tax law, there's The Short Cheap Tax Book for the Trump/GOP Tax Law
I have a LOT more good information for you in The Short Cheap Tax Book for the Military.

You should also check out these blog posts on Military State Rules and the Military Spouses Residency Relief Act.

Military Submariners serving on two crew ballistic missile or guided missile boats are eligible to deduct lodging and other expenses when their "Tax Home" (the sub) is unavailable. Sometimes this is called the FBM Deduction. There are many discussions of what exactly is deductible, but this worksheet will work in most situations and make it easy to determine what amounts to enter on various forms or enter into tax prep software. If you find this worksheet useful, and it saves you money on taxes, consider making a donation.

I will not be able to do the instructions for individual software programs this year.  It simply required too much time and effort, for not a lot of return.  I have had to allocate more of my time to the book. The 2014 instructions will probably work okay:

The new tax law repealed the entire employee business expense category that the Boomer Deduction fell under.  This is the last year for this.

Boomer Deduction Worksheet for Tax Preparation - 2017
Numbers are for entries into software or initial form entries.

(A) Days of Refit assist in 2017 __________
(B) Days of Off Crew in 2017 __________
(C) Distance from Home to Off Crew Bldg __________
(D) Distance from Home to Waterfront __________
(E) Rent (do not include any mortgage info here)*__________
(F) Average Monthly Utilities __________
(G) Do you go home for lunch every day? __________
(H) Number of people (including wife and kids) sharing your residence___________

(I) Total Days with boat unavailable (A) + (B) = _____________
(J) Monthly Housing Costs (E) + (F) = ______________

Form 2106 Computation Worksheet Entries:
(K) Lodging and Incidental Expenses ((I) / 30 x (J))/H = _____________
(L) Laundry and Cleaning Expenses (I) / 7 x $10 = ______________
(M) Meal Expense (I) x Per Diem Rate from Table below = ______________

(N) Business Mileage:
If (G) is NO:
( (A) x (D) x 2 ) + ( (B) x (C) x 2 ) = ______________

If (G) is YES:
( (A) x (D) x 4 ) + ( (B) x (C) x 4 ) = ______________

Per Diem Rates (assumes reasonable distance from base):
Glynn County, GA $64
Other GA Counties around Kings Bay $51
Florida (around Jacksonville) $51
Kitsap County, WA $51
King County, WA $74
Pierce County, WA $64
Other counties look up in IRS Pub 1542 or
*You deduct mortgage interest, taxes and mortgage insurance premiums directly on Schedule A

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