Top 50 Most Overlooked Tax Deductions

Below is a list of the most common overlooked tax deductions. Not every item will apply to your individual situation. If you have any questions or need further assistance, please contact us now.

1. Interest on student loans

2. 50% of paid self-employment tax

3. Health insurance premium adjustment on Form 1040 for some self-employed persons

4. Early withdrawal of savings penalties

5. Spousal maintenance paid (not including child support)

6. Medical transportation - including tolls, parking, and the standard mileage deduction of 15 cents per mile for visiting doctors and dentists and picking up medicine

7. Nursing home/assisted living expenses that are primarily for medical care

8. Equipment such as crutches, canes, and orthopedic shoes that are considered medical aids

9. Eye glasses, contact lenses and hearing aids

10. Hospital/Medical fees for services such as nursing, physical therapy, lab tests, and x-rays

11. Equipment for disabled, handicapped or special needs individuals

12. A portion life-care fees paid to retirement home designated for medical care

13. Expenses for alcohol, drug abuse, and certain stop-smoking treatments

14. Special education costs for mentally or physically handicapped individuals

15. Wages for nursing services

16. State income taxes owed from a prior year and paid in the current tax year

17. Last quarter´s estimated state and local taxes if paid by December 31

18. Personal property taxes on cars, boats, etc.

19. Taxes paid to a foreign government

20. Mandatory contributions to state disability funds

21. Points paid on mortgage or refinancing loans

22. Property donated to a recognized charity

23. Cash contributions to a recognized charity

24. Mileage incurred in relation to charitable activities at 14 cents per mile

25. Casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income

26. Education expenses paid to maintain or improve job skills

27. A handicapped individual´s work-related expenses

28. Professional journals, magazines, and newspapers that are job-related

29. Cost of safe deposit box used for investments or business

30. Seeing eye dog or guard dog for business

31. Required uniforms and work clothes not suitable for streetwear

32. Union dues

33. Employment agency fees or commissions

34. Home office expenses, if primary place of business

35. Job-seeking expenses within present field of employment

36. New business start-up costs

37. Dues to professional organizations

38. Business gifts up to $25 per customer or client

39. Employment-related moving expenses

40. Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer

41. Cleaning and laundering services while traveling for business

42. Tools bought for use at your job

43. Cellular phones required for business

44. Worthless stock or securities

45. Commission to brokers or agents for sale of property or property management

46. Fees for tax preparation or advice

47. Legal fees to collect taxable alimony

48. Support of a non-dependent student living with you

49. Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work

50. Gambling losses to the extent of winnings