Top 50 Overlooked
Deductions
This is a list of the most easily overlooked tax
deductions. Not every item will be applicable to
your situation. If you need further advice, consult
your Taxation
Professional.
- Student loan interest
- One half of the self-employment tax paid
- Adjustment on Form 1040 of health insurance
premiums for some self-employed persons
- Penalty on early withdrawal of savings
- Alimony paid, but not child support
- Medical transportation including tolls, parking
and standard mileage deduction of 10 cents per
mile for visiting doctors, dentists and picking up
medicine
- Nursing home expenses that are primarily for
medical care
- Medical aids such as crutches, canes and
orthopedic shoes
- Hearing aids, eyeglasses and contact lenses
- Hospital fees for services such as nursing,
physical therapy, lab tests and x-rays
- Equipment for disabled or handicapped
individuals
- Part of life-care fee paid to retirement home
designated for medical care
- The cost of alcohol and drug abuse, and certain
stop smoking treatments
- Special school costs for mentally or physically
handicapped individuals
- Wages for nursing service
- State income taxes owed from a prior year and
paid in the tax year
- Payment by December 31 of last quarter of
estimated state taxes
- Personal property taxes on cars, boats, etc.
- Taxes to a foreign government
- Mandatory contributions to state disability
funds
- Points paid on mortgage or refinancing
- Property donated to a recognized charity
- Cash contributions to a recognized charity
- Mileage incurred in relation to charitable
activities at 14¢ per mile
- Casualty and theft losses in excess of $100 and
totaling more than 10% of adjusted gross income
- Education expenses paid to maintain or improve
job skills
- Handicapped individual's work-related expenses
- Professional journals, magazines and newspapers
that are job related
- Cost of safe deposit box used for investments or
business
- Seeing eye dog or guard dog for business
- Required uniforms and work clothes not suitable
for streetwear
- Union dues
- Employment agency fees or commissions
- Home office expenses, if primary place of
business
- Job seeking expenses within present field of
employment
- New business start-up costs
- Dues to professional organizations
- Business gifts up to $25 per customer or client
- Employee's moving expenses
- Business expenses including travel, meals,
lodging and entertainment not reimbursed by
employer
- Cleaning and laundering services while traveling
- Tools bought for use at your job
- Cellular phones required for business
- Worthless stock or securities
- Commission to brokers or agents for sale of
property or property management
- Fees for tax preparation or advice
- Legal fees to collect taxable alimony
- Support of a non-dependent student living with
you
- Services of a housekeeper, maid or cook needed
to run your home for the benefit of a qualifying
dependent while you work
- Gambling losses to the extent of winnings
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