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50 Overlooked Tax Deductions

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posted on Feb, 6 2009 @ 10:27 AM
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This is nothing new, but I thought maybe a few of you could use some ideas this year regarding your tax deductions. Since we all scramble every year to get this done, why not try our best to obtain as much as we can?!?!?


These deductions are as follows:



1. Accounting fees for tax preparation services and IRS audits

2. Alcoholism and drug abuse treatment

3. Amortization of premium on taxable bonds

4. Appraisal fees for charitable donations or casualty losses

5. Appreciation on property donated to a charity

6. Casualty or theft losses

7. Cellular telephones

8. Cleaning and laundering services when traveling

9. Commissions and closing costs on sale of property

10. Contact lenses, eye glasses, and hearing devices

11. Contraceptives, if bought with a prescription

12. Costs associated with looking for a new job in your present occupation, including fees for resume preparation and employment of outplacement agencies

13. Depreciation of home computers

14. Dues to labor unions

15. Education expenses to the extent required by law or your employer or needed to maintain or improve your skills

16. Employee contributions to a state disability fund

17. Employee's moving expenses

18. Federal estate on income with respect to a descendent

19. Fees for a safe-deposit box to hold investments

20 Fees paid for childbirth preparation classes if instruction relates to obstetrical care

21. Foreign taxes paid

22. Foster child care expenditures

23. Gambling losses to the extent of gambling gains

24. Hospital services fees (laboratory work, therapy, nursing services, and surgery)

25. Impairment-related work expenses for a disabled individual

26. Improvements to your home

27. Investment advisory fees

28. IRA trustee's administrative fees billed separately

29. Lead paint removal

30. Legal abortion expenses

31. Legal fees incurred in connection with obtaining or collecting alimony

32. Margin account interest expense

33. Medical transportation, including standard mileage deduction and lodging expenses incurred for medical reasons while away from home

34. Mortgage prepayment penalties and late fees

35. Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction

36. Part of health insurance premiums if self-employed

37. Penalty on early withdrawal of savings

38. Personal liability insurance for wrongful acts as an employee

39. Points on a home mortgage and certain refinancings

40. Protective clothing required at work

41. Real estate taxes associated with the purchase or sale of property

42. 50% of self-employment tax

43. Seller-paid points on the purchase of a home

44. Special equipment for the disabled

45. Special schools and separately stated feed for medical care included in tuition

46. State personal property taxes on cars and boats

47. Subscriptions to professional journals

48. Theft of embezzlement losses

49. Trade or business tools with life of 1 year or less

50. Worthless stock or securities


Source: www.businessknowhow.com...

 
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[edit on Fri Feb 6 2009 by Jbird]




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