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Frequently Missed Tax Deductions
Keeping up with new tax changes and tax deductions can be difficult. But what's more scary is that you may be overlooking some well deserved tax deductions that could affect your tax refund. That's why we have compiled a list of some frequently missed tax deductions for your reference.
Medical Related - Frequently Missed 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
Employment Related - Frequently Missed 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
Other - Frequently Missed Tax Deductions
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Student loan interest
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Your moving expenses
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Personal property taxes on boats, cars, ect.
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General casualty and theft losses in excess of $100 and more than 10% of AGI
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Property management fees
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Special school costs for mentally or physically handicapped individuals
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Worthless stock or securities
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Fees for tax preparation or advice
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Legal fees to collect taxable alimony or Social Security
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Hobby expenses to the extent of hobby income you included in gross income
Not every item will be applicable to your situation. You may also find tax deductions related to your job and life events in our premium online tax preparation software.
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