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25 Overlooked Tax Deductions
You wouldn’t believe the number of
deductions that are overlooked each year, by taxpayers just like you.
That’s right; these money-saving deductions are missed by
countless income earners every tax season. Read on and arm yourself to
take full advantage of these deductions and get back what you deserve:
- Student loan interest
- Self-employment
tax paid (50% is deductible)
- Health
insurance premiums for some self-employed persons
- Penalty
on early withdrawal of savings
- Alimony
paid (not including child support)
- Medical
transportation costs
- Nursing
home medical care expenses
- Certain
medical aids
- Hearing
aids, eye glasses, and contact lenses
- Some
hospital fees
- Medical
equipment for disabled or handicapped individuals
- Certain
life-care fees paid to retirement home>
- Alcohol,
drug abuse treatment, and certain stop-smoking treatment costs
- Special
school costs for mentally or physically handicapped
individuals
- Nursing
service costs
- Prior
year state
income taxes
- Estimated
state taxes for the last quarter of the year
- 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
costs for charitable activities
- Qualified
casualty and theft losses
- Note:
Not every item will be applicable to your situation.
For further advice on taking advantage of these as
well as other deductions, contact an independent tax preparation service.
The power of accurate observation is called cynicism by those who have not got it -- George Bernard Shaw
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