| COMMONLY OVERLOOKED TAX DEDUCTIONS |
| Medical Deductions |
- Medical & Dental Insurance
- Doctor and Dentist Visits
- Hospital Visits
- Prescriptions
- Prescription Birth Control
- Medical Equipment (Wheel Chairs, Crutches, Beds, etc.)
- Home Improvements for Medical Care
- Certain Weight Loss for Obesity
- Organ Donor Expenses
- Corrective Eye Surgery
- Guide Dogs or Other Animals Aiding the Blind, Deaf and Disabled
- Lab Fees
- X Rays
- Physical Therapy
- Nursing Services
- Lead Base Paint Removal
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- Legal Abortion
- Pregnancy Prevention
- Surgery
- Long Term Care
- Meals and Lodging Provided by a Hospital or While Away From Home During Medical
Treatment
- Oxygen and Oxygen Equipment
- Psychiatric and Psychological Treatment
- Artificial Limbs
- False Teeth
- Eye Glasses
- Contact Lenses
- Hearing Aids
- Stop Smoking Programs
- Transportation (Miles Driven)
- Treatment at Drug and Alcohol Center (Including Meals and Lodging)
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| Charity Donations |
- Appreciation on property donated to charity
- Contributions for public parks
- Cost of non-dependent student living with you
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- Out-of-pocket expenses related to charitable activities
- Mileage driven for charitable purposes
- Appraisal fees for charitable donations
- Employee contributions to a state disability fund
|
| Mortgage Interest Deductions |
- Interest to acquire a first or second home (points, loan origination fees, etc)
- Second Mortgage or home equity loan interest.
- Interest on Recreational Vehicle or Boat (as a second home).
- Mortgage prepayment penalties.
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| Employment Deductions |
- Business trade tools
- Commissions on the sale of your home if your move is job related.
- Dues to Labor Unions
- Education that either maintains or improves your sills for your present occupation.
- Moving Expenses
- Employment agency fees.
- Resume preparation costs.
- Uniforms not suitable as wearing apparel.
- Cellular phones used for job.
- Laundry & Cleaning services when traveling.
- Job seeking expense.
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- Personal liability insurance for wrongful acts as an employee.
- Protective clothing
- Impaired-related work expenses for the disabled.
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- Depreciation on home computers.
- Gifts (business related under $25)
- Newspaper and trade magazines.
- Office at home expense
- Passport fees for business trip.
- Physical exams for employment
- Research expenses for college professors.
- School teacher expenses.
- Occupational licenses and fees.
- Travel (mileage) to directly to second job.
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| Investment Expenses |
- Professional or legal fees for investment income.
- Investment related publications
- Investment related travel expenses.
- Safety Deposit Box (for keeping investments safe).
- Fees for tax or investment advice.
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- 50% of meals & entertainment associated with tax or investment advice.
- Amortization of premium on taxable bonds.
- Foreign taxes paid.
- IRA trustees administrative fees- billed separately.
- Penalty on early withdrawal of savings.
- Worthless stock or securities.
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| Miscellaneous Deductions |
- Accounting and tax preparation fees.
- Breach-of-employment-contract damages you paid.
- Casualty and Theft losses.
- Gambling losses up to the total gambling winnings.
- Foreign taxes paid
- State personal property tax on vehicles.
- Commissions and closing costs on sale of property.
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- Federal estate tax on income from decedent.
- 50% of Self Employment Tax
- Foster child care expenses.
- Legal fees incurred to obtain or collect alimony.
- Margin account interest expense.
- Real estate taxes.
- Seller paid points on purchase of home.
- Theft or embezzlement losses.
- Additional tax paid on state return when filed.
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