If you are one of the millions of
Americans who throws all their receipts, credit card and bank
statements into a box, you are likely to overlook hundreds of
dollars in tax deductions when preparing your tax filings.
May I suggest that you print out
these often overlooked tax deductions onto a single piece of
paper for easy reference as you start the annual process of
looking for every possible tax-savings opportunity?
Here are 25 deductible expenses
you don't want to overlook.
1. Medical transportation
expenses including tolls, parking, and mileage for trips to
doctor's, health facilities, laboratories.
2. Prescribed medical aids
such as crutches, canes, and orthopedic shoes
3. Hearing aids, eye glasses,
and contact lenses
4. The cost of alcohol and
drug abuse programs, and certain smoking-cessation treatments
5. Education expenses you
paid to maintain or improve job skills (including professional
books)
6. Professional journals,
magazines, and newspapers that are job-related
7. Cost of safe deposit box
used for to store investments or investment information
8. Required uniforms and work
clothes not suitable for street wear
9. Union dues.
10. Job-seeking expenses
within your present field of employment - from printing resumes
to phone charges.
11. Dues to professional
organizations and business gifts up to $25 per customer or
client
12. Cellular phones required
for business
13. If you are self-employed,
half of the self-employment tax paid
14. Self-employed health
insurance premiums and long-term care insurance premiums up to
the annual limits.
15. Fees for tax preparation
or advice, including software like TurboTax if you meet limits
16. Services of a
housekeeper, maid, or cook needed to run your home for the
benefit of a qualifying dependent while you work
17. Penalties paid on early
withdrawal of savings
18. State income taxes owed
from a prior year and paid in the tax year-with your last return
19. Mileage incurred in
performing charitable activities
20. Gambling losses to the
extent of your gambling winnings - but be prepared to document
this
21. The cost of employment
agency fees or commissions in certain cases
22. Home office expenses, if
your home is your primary place of business
23. Cash and non-cash
contributions to qualified charities
24. Reservist and National
Guard overnight travel expenses
25. Worthless stock or
securities - but you must follow the prescribed rules.
