This is a list of the most easily overlooked tax deductions. Not every item will be applicable to your situation or in your State.
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1. Student loan interest.
2. One half of the self-employment tax paid.
3. Adjustment on Form 1040 of health insurance premiums for some self-employed persons.
4. Penalty on early withdrawal of savings.
5. Alimony paid, but not child support.
6. Medical transportation including tolls, parking, and standard mileage deduction of 19 cents per mile for visiting doctors or dentists and picking up medicine.
7. Nursing home expenses that are primarily for medical care.
8. Medical aids such as crutches, canes, and orthopedic shoes.
9. Hearing aids, eye glasses, and contact lenses.
10. Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays.
11. Equipment for disabled or handicapped individuals.
12. Part of life-care fee paid to retirement home designated for medical care.
13. The cost of alcohol and drug abuse treatment and certain stop-smoking treatments.
14. Special school costs for mentally or physically handicapped individuals.
15. Wages for nursing service.
16. State income taxes owed from a prior year and paid in the tax year.
17. Payment by December 31 of your last quarter of estimated state taxes.
18. Personal property taxes on cars, boats, etc..
19. Taxes to a foreign government.
20. Mandatory contributions to state disability funds.
21. Points paid on mortgage or refinancing.
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 street wear.
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. An employee's moving expenses.
40. Business expenses including travel, meals, lodging, and entertainment not reimbursed by employer.
41. Cleaning and laundering services for business travel.
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 income.
48. Support of a non-dependent exchange 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.
Latest Changes
(June 23, 2011 9:51 PM)
After July 1, 2011 it is 55.5 Cents per mile. Medical and moving 23.5 Cents per mile
(March 20, 2011 9:51 PM)
For 2011 it is 51 Cents per mile!
(March 19, 2011 9:51 PM)
The IRS does not send taxpayers unsolicited e-mails about their tax accounts, tax situations or personal tax issues. If you receive such an e-mail, most likely it's a scam.
(June 18, 2011 9:51 PM)
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