Top 50 Missed Deductions

Below is a list of the most easily overlooked tax deductions. Not every item will be applicable to your situation. If you need further advice, contact TACCT.

  • Student loan interest
  • One half of self-employment tax paid
  • Adjustment on Form 1040 of health insurance premiums for some self-employed persons
  • Penalty on early withdrawal of savings
  • Alimony paid (not including child support)
  • Medical transportation - including tolls, parking, and the standard mileage deduction of 15 cents per mile for visiting doctors and dentists and picking up medicine
  • 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 life-care fee paid to retirement home designated for medical care
  • The cost of alcohol, drug abuse, and certain stop-smoking treatments
  • Special school costs for mentally or physically handicapped individuals
  • Wages for nursing service
  • State income taxes owed from a prior year and paid in the current tax year
  • Payment by December 31 of last quarter estimated state and local taxes
  • 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 incurred in relation to charitable activities at 14 cents per mile
  • Casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income
  • Education expenses 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 dog or guard dog for business
  • Required uniforms and work clothes not suitable for streetwear
  • Union dues
  • Employment agency fees or commissions
  • Home office expenses, if primary place of business
  • Job-seeking expenses within present field of employment
  • New business start-up costs
  • Dues to professional organizations
  • Business gifts up to $25 per customer or client
  • Employment-related moving expenses
  • Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer
  • Cleaning and laundering services while traveling for business
  • Tools bought for use at your job
  • Cellular phones required for business
  • Worthless stock or securities
  • Commission to brokers or agents for sale of property or property management
  • Fees for tax preparation or advice
  • Legal fees to collect taxable alimony
  • Support of a non-dependent student living with you
  • Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work
  • Gambling losses to the extent of winnings