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