Commonly Missed Tax Deductions
Listed below 55 commonly missed tax deductions. The list is for your quick-reference checklist, so use it at your specific circumstances in which deductions you qualified for.
Medical
1. Contact lenses
2. insurance for contact lens
3. Hearing aids
4. Contraceptives, if by prescription
5. Alcoholism and drug-abuse treatment
6. Lead paint removal
7. Orthopedic shoes
8. Special schools for a handicapped child
9. Special equipment for the disabled or handicapped
10. Self-employed persons can deduct 30% of health insurance premiums paid for themselves and their dependents
11. Travel mileage related to medical treatment (ten cents per mile)
12. Special foods prescribed by your doctor and taken in addition to your normal diet
13. Lodging while away from home under medical care
14. Prescription drugs
Taxes
15. Personal property taxes on automobiles
16. Self employed persons can deduct half of self employment tax
17. Foreign taxes
Charity
18. Out-of-pocket expenses relating to charitable activities
19. Standard deduction of 12 cents a mile for use of your auto in charitable activities
20. Parking and tolls when using your auto in charitable activities
21. Fair market value of items given to charities
22. Appraisal fees paid to value property donated to charities
Investments
23. Penalty on early withdrawal of savings
24. Safe deposit boxes
25. IRA trustee’s administrative fees if billed separately
26. Failing to add the amount of reinvested funds (e.g., dividends) to your cost when computing gain or loss on the sale of mutual funds
27. Worthless stock or securities
Casualty
28. Theft or embezzlement losses
29. Casualty losses
Work-Related
30. Business tools
31. Dues to labor unions
32. Employment agency fees
33. Uniform and work clothes
34. Newspapers and trade publications that you purchase to check employment ads
35. Education that maintains and improves your skills
36. Employee contributions to state disability funds
37. Business gifts to a maximum of $25 per recipient
38. Cellular telephones
39. Passport fees for business travel
40. Cleaning and laundry bills when on a business trip
41. Resume preparation costs in connection with a search for a new job in your present occupation
42. Travel expenses (local and out of town) in connection with a job search for a new job in your present occupation ..even if you don’t get the job
Miscellaneous
43. Mortgage prepayment penalties
44. Gambling losses to the extent of gambling winnings
45. Points or origination fees on a mortgage to purchase a residence
46. Accounting fees for tax preparation
47. Fees paid to financial planners
48. Depreciation on home computers to the extent used for business or investments
Carry - Over Items
49. Capital losses carry forward
50. Investment interest
51. Charitable contributions
52. Equipment expensing election
53. Alternative minimum tax credit
54. Business operating losses
55. Passive losses
