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Some Of The Most Overlooked Tax Deductions

As far as taxes are concerned, most people want to get a refund or at least break even when they file their tax returns. The problem is finding enough deductions. Listed below are some of the most easily overlooked deductions.

  • Education expenses if you went back to school to make improvements on your job skills
  • Commissions to brokers paid for sale of property
  • Property management fees
  • Points paid to obtain or refinance a mortgage
  • Orthopedic shoes, crutches, eyeglasses, contact lenses, hearing aids, and other medical devices
  • Guide dog expenses for the blind or disabled
  • Medical transportation and mileage for doctor and dentist visits
  • Hospital costs for physical therapy, x-rays, lab tests and other medical related services
  • Wages paid for nursing services
  • Equipment purchased for handicapped or disabled persons
  • Cash contributions or property donations to recognized charities
  • Work related expenses for handicapped individuals
  • Costs related to education of handicapped or mentally impaired individuals
  • Home office space and business expenses if you work out of your home
  • Relocation expenses if necessary for maintaining employment status
  • Business travel expenses such as food, transportation, cleaning and lodging expenses that were not reimbursed by employer
  • Certain work clothes and uniforms used specifically for employment purposes
  • Union dues
  • Dues to professional organizations
  • Contributions to state disability funds
  • Cell phones used to conduct business
  • Professional journals used in business or job performance
  • Taxes paid on personal property such as cars and boats
  • Taxes paid to foreign governments
  • Foreign exchange students living in your home
  • Adjustments for student loan interest on Form 1040
  • Adjustments on Form 1040 for health insurance premiums for self employed individuals
  • Adjustments on 1040 for alimony paid
  • Adjustments on 1040 for penalty on early withdrawal of savings
  • Mileage related to charitable activities
  • Fees for tax preparation

Some deductions may apply to you and some may not, so you should ask your tax consultant to go over the list and determine if you qualify for any of these deductions and others that may not be listed here.

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