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Most Overlooked Tax Deductions

Every year many taxpayers overlook tax deductions when they prepare and file their tax return. This results in millions of dollars in missed income tax reduction opportunities for American tax filers.

This list of reminders is not intended to be all-inclusive, nor applicable to everyone.

The circumstances of your tax situation will determine whether you can qualify for any of the following deductions on your income tax return this tax season.

Finding each and every tax deduction you can qualify may help you reduce your tax bill significantly.

Browse our list but keep in mind that this is just the tip of the iceberg. There may be many more deductions you are missing.

Find More Tax Deductions To Lower Your Tax Bill!

bullet Accounting fees for tax preparation services and IRS audits
bullet Alcoholism and drug abuse treatment
bullet Amortization of premium on taxable bonds
bullet Appraisal fees for charitable donations or casualty losses
bullet Appreciation on property donated to a charity
bullet Casualty or theft losses
bullet Cellular telephones
bullet Cleaning and laundering services when traveling
bullet Commissions and closing costs on sale of property
bullet Contact lenses, eyeglasses and hearing devices
bullet Contraceptives, if bought with a prescription
bullet Costs associated with looking for a new job in your present occupation, including resume preparation and employment of outplacement agencies
bullet Depreciation of home computers
bullet Dues to labor unions
bullet Education expenses to the extent required by law or your employer or needed to maintain or improve your skills
bullet Employee contributions to a state disability fund
bullet Employee's moving expenses
bullet Federal estate tax on income with respect to a decedent
bullet Fees for a safe-deposit box to hold investments (e.g., stock certificate)
bullet Fees paid for childbirth classes if instruction relates to obstetrical care
bullet Fifty percent of self-employment tax
bullet Foreign taxes paid
bullet Foster child care expenditures
bullet Gambling losses to the extent of gambling winnings
bullet Hospital services fees (laboratory work, therapy, nursing services and surgery
bullet Impairment-related work expenses for a disabled individuals
bullet Improvements to your home
bullet Investment advisory fees
bullet IRA trustee's administrative fees billed separately
bullet Lead paint removal
bullet Legal fees incurred in connection with obtaining or collecting alimony
bullet Long-term care insurance premiums
bullet Margin account interest expense
bullet Medical transportation, including standard mileage deduction
bullet Lodging expenses incurred for medical reasons while away from home
bullet Mortgage prepayment penalties and late fees
bullet Out-of-pocket expenses for charitable activities
bullet Health insurance premiums if self-employed
bullet Penalty on early withdrawal of savings
bullet Personal liability insurance for wrongful acts as an employee
bullet Points on a home mortgage and certain refinancing
bullet Protective clothing required at work
bullet Real estate taxes associated with the purchase or sale of property
bullet Seller-paid points on the purchase of a home
bullet Special equipment for the disabled
bullet Special schools and separately stated fees for medical care included in tuition
bullet State personal property taxes on cars and boats
bullet Subscriptions to professional journals
bullet Theft or embezzlement losses
bullet Trade or business tools with life of one year or less
bullet Worthless stock or securities

Everyone is subjected to taxation but most of us don't do the best job of avoiding paying more taxes than we have to.

Keep in mind that Uncle Sam is not doing the best job of spending your tax dollars, so maybe it's time you made a better effort to keep more of it.

Fact is, anyone of us can do a better job of spending that cash more responsibly than our government these days.

Get all the tax deductions you can and keep more loot in your own pocket!

2016 - 2017 Tax Season Tools

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