Common Overlooked Deductions

  • Health Savings Account contributions other than employer contributions
  • Interest paid on college student loans
  • One half of the self-employment tax paid on SE net income
  • Self-employed medical insurance premiums
  • Penalty paid on early withdrawal from savings
  • Court ordered alimony paid by ex-spouse, child support is not tax deductible
  • Medical mileage expenses, tolls, parking and medical mileage rate for health trips
  • Nursing home expenses paid for medical care
  • Medical expenses such as orthopedic shoes, crutches, and canes
  • Hearing aids, eye glasses and contact lenses
  • Hospital expenses for nursing, physical therapy, lab and x-rays tests
  • Seeing-eye dogs for the handicapped
  • Expenses for disabled or handicapped individuals, wheelchair, electric scooter
  • A portion of the life care paid to a retirement home for medical care
  • Alcohol and drug abuse programs, stop smoking treatments
  • Balance due for state income taxes owed, and quarterly state income taxes paid
  • Fourth quarter estimated state income taxes paid by December 31 of the current year
  • Personal property taxes on cars, boats, trailers and motorcycles
  • Foreign tax withheld from your investments
  • Points paid on mortgage or refinancing
  • Sales tax on expensive items, cars or boats, if greater then state income taxes
  • Check made to charity, clothing donated to goodwill
  • Auto mileage for charitable activities
  • Casualty and theft losses exceeding $100 and 10% of AGI
  • Education costs paid to improve job skills
  • Professional journals that are job related
  • Safe deposit box  for investments
  • Uniforms, shoes and work clothes not suitable to wear in general public
  • Union dues withheld from your paycheck
  • Employment agency fees or commissions you paid to acquire a job in your field
  • Home office expenses used exclusively as your office
  • Job seeking expenses with-in your present field of employment
  • Reservist and National Guard overnight travel expenses
  • Dues to professional organizations for business purposes
  • Business gifts limited to $25 per customer or client for business promotion
  • Household moving expenses for new employment
  • Business expenses including travel, meals, lodging and entertainment unreimbursed
  • Cleaning and laundering services while traveling away from home for business
  • Business computer and tools for use exclusively in your job
  • Cell phones used for business
  • Worthless stock, investments that went bankrupt
  • Fees paid to brokers or agents for the sale of property or property management
  • Professional fees paid for tax return preparation or tax planning advice
  • Professional fees paid for financial planning advise
  • Professional  fees to collect alimony or Social Security
  • Hobby expenses limited to hobby income
  • While you work, cost of a housekeeper, maid, cook or care giver for a dependent
  • Gambling losses limited to the extent of your gambling winnings