TOP 50 OVERLOOKED TAX DEDUCTIONS

 

Yang & Associates, Ltd. can help you find all of the credits and deductions you deserve, including those hard-to-find and commonly overlooked tax deductions. With our dedicated tax preparer, we make sure that you get the biggest refund you're entitled to.

 

This is a list of the top 50 most easily overlooked tax deductions. Not every item will be applicable to your situation. Consult your local Yang & Associates, Ltd. office for more advice.

 

Medical-Related Overlooked Tax Deductions:

1.  Medical transportation expenses including tolls, parking, and mileage for trips to health facilities, doctor's offices, laboratories, etc.

2.  Nursing home expenses that are primarily for medical care

3.  Medical aids such as crutches, canes, and orthopedic shoes

4.  Hearing aids, eye glasses, and contact lenses

5.  Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays

6.  Equipment for disabled or handicapped individuals

7.  Part of the life-care fee paid to a retirement home designated for medical care

8.  The cost of alcohol and drug abuse programs, and certain smoking-cessation treatments

9.  Wages for nursing services

 

Job-Related Overlooked Tax Deductions:

10.  Education expenses you paid to maintain or improve job skills

11.  A handicapped individual's work-related expenses

12.  Professional journals, magazines, and newspapers that are job-related

13.  Cost of safe deposit box used for investments or business

14.  Seeing-eye dogs for the handicapped or guard dogs for a business

15.  Required uniforms and work clothes not suitable for street wear

16.  Union dues

17.  Employment agency fees or commissions in certain cases

18.  Home office expenses, if for your primary place of business

19.  Job-seeking expenses within your present field of employment

20.  Reservist and National Guard overnight travel expenses

21.  Dues to professional organizations

22.  Business gifts up to $25 per customer or client

23.  Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer

24.  Cleaning and laundering services while traveling for business

25.  Tools for use at your job

26.  Cellular phones required for business

27.  Half of the self-employment tax paid

28.  Self-employed health insurance premiums

 

Property-Related Overlooked Tax Deductions:

29.  Commission to brokers or agents for the sale of property or property management

30.  Your moving expenses

31.  Personal property taxes on cars, boats, etc.

32.  General casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income

33.  Miscellaneous Overlooked Tax Deductions Student loan interest

34.  Special school costs for mentally or physically handicapped individuals

35.  Worthless stock or securities

36.  Fees for tax preparation or advice

37.  Legal fees to collect taxable alimony or Social Security

38.  Hobby expenses to the extent of hobby income you included in gross income

39.  Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work

40.  Penalty on early withdrawal of savings

41.  Alimony paid, but not child support

42.  State income taxes owed from a prior year and paid in the tax year

43.  Fourth quarter estimated state taxes paid by December 31

44.  Taxes paid to a foreign government

45.  Mandatory contributions to state disability funds

46.  Points paid on mortgage or refinancing

47.  General sales tax deduction (including tax paid on large items such as cars or boats) in lieu of the income tax deduction

48.  Cash and non-cash contributions to a qualified charity

49.  Mileage incurred in performing charitable activities

50.  Gambling losses to the extent of your gambling winnings