| ~ Top 50 Overlooked Deductions ~ |
- Student Loan Interest
- One Half of Self-employment tax paid
- Adjustment on Form 1040 of health iInsurance premiums for Self-employed persons
- Penalty on early withdrawal of savings
- Alimony paid (not including child support)
- Medical transportation - including tolls, parking, and the standard mileage deduction of 15 cents per mile for visiting doctors and dentists, and picking up medicine
- Nursing home expenses that are primarily for medicare
- Medical aids such as crutches, canes and orthopedic shoes
- Hearing aids, eye glasses and contact lenses
- Hospital fess for services such as nursing, physical therapy, lab tests and xrays
- Equipment for disabled or handicapped individuals
- Part of life care fee paid to retirement home designated for medical care
- The cost of alcohol, 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 current tax year
- Payment by December 31 of last quarter estimated state and local taxes
- Personal property taxes on cars, boats, etc.
- Taxes paid 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 cents 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
- A 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 street wear
- Union dues
- Employment agency fees or commissions
- Home office expenses, if primary place of husiness
- 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
- Employment related moving expenses
- Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer
- Cleaning and laundering services while traveling for business
- Tools bought for use at your job
- Cellular phones required for business
- Worthless stock or securities
- Commissions 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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