• Top 50 Overlooked Deductions

    Keeping up with ever-changing tax deductions can be daunting. Worse yet, you may be overlooking deductions that could affect your refund. That’s why we’ve compiled a list of commonly overlooked deductions for your reference.

    Have any specific questions? Stop in and visit your neighborhood Tax Pro!

    Can’t find what you need? Let us know!

     Top 50 Overlooked Tax Deductions

    •  Student loan interest
    •  One-half of self-employment tax paid
    •  Adjustment on Form 1040 of health insurance premiums for some self-employed persons
    •  Penalty on early withdrawal of savings
    •  Alimony paid (does not include child support)
    •  Medical transportation - including tolls, parking, and mileage for visiting doctors and dentists and picking up medicine
    •  Nursing home expenses that are primarily for medical care
    •  Medical aids such as crutches, canes, and orthopedic shoes
    •  Hearing aids, eye glasses, and contact lenses
    •  Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays
    •  Equipment for disabled or handicapped individuals
    •  Part of life-care fee paid to retirement home designated for medical care
    •  The cost of alcohol, drug abuse, and certain stop-smoking treatments
    •  Special school costs for mentally or physically handicapped individuals
    •  Wages for nursing service
    •  State income taxes owed from a prior year and paid in the current tax year
    •  Payment by December 31 of last quarter estimated state taxes
    •  Personal property taxes on cars, boats, etc.
    •  Taxes paid to a foreign government
    •  Mandatory contributions to state disability funds
    •  Points paid on mortgage or refinancing
    •  Property donated to a recognized charity
    •  Cash contributions to a recognized charity
    •  Mileage incurred in relation to charitable activities at 14 cents per mile
    •  Casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income
    •  Education expenses paid to maintain or improve job skills
    •  A handicapped individual's work-related expenses
    •  Professional journals, magazines, and newspapers that are job-related
    •  Cost of safe deposit box used for investments or business
    •  Seeing eye dog or guard dog for business
    •  Required uniforms and work clothes not suitable for street wear
    •  Union dues
    •  Employment agency fees or commissions
    •  Home office expenses, if primary place of business
    •  Job-seeking expenses within present field of employment including agencies, resume preparation, parking and tolls, long distance charges, and travel expenses
    •  New business start-up costs
    •  Dues to professional organizations
    •  Business gifts up to $25 per customer or client
    •  Employment-related moving expenses
    •  Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer
    •  Cleaning and laundering services while traveling for business
    •  Tools bought for use at your job
    •  Cellular phones required for business
    •  Worthless stock or securities
    •  Commission to brokers or agents for sale of property or property management
    •  Fees for tax preparation or advice
    •  Legal fees to collect taxable alimony
    •  Expenses up to $50 per month for an exchange student living with you
    •  Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work
    •  Gambling losses to the extent of winnings

    Overlooked Deductions by Category

      Overlooked Medical-related Tax Deductions

    •  Medical transportation expenses including tolls, parking, and mileage for trips to health facilities, doctor's offices, laboratories, etc.
    •  Nursing home expenses that are primarily for medical care
    •  Medical aids such as crutches, canes, and orthopedic shoes
    •  Hearing aids, eye glasses, and contact lenses
    •  Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays
    •  Equipment for disabled or handicapped individuals
    •  Part of the life-care fee paid to a retirement home designated for medical care
    •  The cost of alcohol and drug abuse programs, and certain smoking-cessation treatments
    •  Wages for nursing services

     Overlooked Job-related Tax Deductions

    •  Education expenses you paid to maintain or improve job skills
    •  A handicapped individual's work-related expenses
    •  Professional journals, magazines, and newspapers that are job-related
    •  Cost of safe deposit box used for investments or business
    •  Seeing-eye dogs for the handicapped or guard dogs for a business
    •  Required uniforms and work clothes not suitable for street wear
    •  Union dues
    •  Employment agency fees or commissions in certain cases
    •  Home office expenses, if for your primary place of business
    •  Job-seeking expenses within your present field of employment
    •  Reservist and National Guard overnight travel expenses
    •  Dues to professional organizations
    •  Business gifts up to $25 per customer or client
    •  Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer
    •  Cleaning and laundering services while traveling for business
    •  Tools for use at your job
    •  Cellular phones required for business
    •  Half of the self-employment tax paid
    •  Self-employed health insurance premiums

     Overlooked Property-related Tax Deductions

    •  Commission to brokers or agents for the sale of property or property management
    •  Your moving expenses
    •  Personal property taxes on cars, boats, etc.
    •  General casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income

     Overlooked Miscellaneous Tax Deductions

    •  Student loan interest
    •  Special school costs for mentally or physically handicapped individuals
    •  Worthless stock or securities
    •  Fees for tax preparation or advice
    •  Legal fees to collect taxable alimony or Social Security
    •  Hobby expenses to the extent of hobby income you included in gross income