Top 50 MOST Overlooked Deductions
Below is a list of the most common and easily overlooked tax
deductions. Not every item will apply in your circumstances.
need further advice please contact my office at (503) 557-8228
The top 10:
Student loan interest.
One half of self-employment tax paid.
Adjustment on Form 1040 of health insurance premiums for some
Penalty on early withdrawal of savings.
Alimony paid (not including child support).
Medical transportation - including tolls, parking, and the standard
mileage deduction of 23.5 cents per mile for visiting doctors
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.
and all the rest:
Equipment for disabled or handicapped individuals.
Part of life-care fee paid to retirement home designated for medical
13. The cost of alcohol, drug abuse, and certain stop-smoking
Special school costs for mentally or physically handicapped
Wages for nursing service.
State income taxes owed from a prior year and paid in the current
Payment by December 31 of last quarter estimated state and local
Personal property taxes on cars, boats, etc.19.
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
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
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.
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
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.
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Tax Consultant # 28869C - Oregon
Business Registry # B14059