Generally
Overlooked
Deductions
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State Sales
Taxes.
You must choose between either
deducting state income taxes or state
sales taxes.
For Sales
tax, the IRS has a
calculator
on its Web site to help you figure out
the deduction, which varies by your
state and income level.
Out-of-pocket charitable contributions.
You can write
off out-of-pocket costs you incur while
doing good works. Supplies, ingredients stamps you
buy for your charitable fundraiser count
as a charitable contribution. If you
drove your car for charity you can deduct 14 cents per mile.
Moving expense to take first job.
Moving
expenses to get to that first job are
deductible, and you get this write-off
even if you don’t itemize. If you moved
more than 50 miles, you can deduct the
cost of getting yourself and your
household goods to the new area,
including 20 cents per mile along with parking fees and
tolls for driving your own car.
Military reservists’ travel expenses.
If you are a member of the National
Guard or military reserve, you may
qualify for a
deduction for travel expenses to
military events. You can
deduct the cost of lodging and half the
cost of your meals, plus 48.5 cents per
mile and any parking or toll fees for
driving your own car.
Refinancing points. When you buy
a house, you get to deduct points paid
to obtain your mortgage.
Estate tax on income in respect of a
decedent. If you
inherited an IRA from someone whose
estate was big enough to be subject to
the federal estate tax. Basically, you
get an income tax deduction for the
amount of estate tax paid on the IRA
balance. Itemized deduction Schedule A.
EASILY OVERLOOKED
DEDUCTIONS
1. 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. New job search expenses, including
fees for resume preparation
13. Depreciation of home computers
14. Dues to labor unions
15. Education expenses to the extent
allowed by law
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
21. Foreign taxes paid
22. Foster child care expenditures
23. Gambling losses to the extent of
gambling gains
24. Hospital 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
mileage and lodging expenses incurred
34. Mortgage prepayment penalties and
late fees
35. Out-of-pocket expenses relating to
charitable activities
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 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
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