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Commonly
Overlooked Deductions
Pascarella Accounting Group, LLC can help
you find all the credits and deductions to which you are entitled, including those
hard-to-find and commonly overlooked tax deductions. Following is a list of
the top 50 commonly overlooked deductions. Not every item will be applicable to every situation.
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Medical-related |
- Medical transportation expenses including tolls, parking, and
mileage for trips to health facilities, doctor's offices, laboratories, etc.
- 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 the life-care fee paid to a retirement home designated
for medical care
- The cost of alcohol and drug abuse programs, and certain smoking-cessation
treatments
- Wages for nursing services
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Job-related |
- Education expenses you 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 dogs for the handicapped or guard dogs for a business
- Required uniforms and work clothes not suitable for street wear
- Union dues
- Employment agency fees or commissions in certain cases
- Home office expenses, if for your primary place of business
- Job-seeking expenses within your present field of employment
- Reservist and National Guard overnight travel expenses
- Dues to professional organizations
- Business gifts up to $25 per customer or client
- Business expenses including travel, meals, lodging, and entertainment not reimbursed
by your employer
- Cleaning and laundering services while traveling for business
- Tools for use at your job
- Cellular phones required for business
- Half of the self-employment tax paid
- Self-employed health insurance premiums
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Property-related
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- Commission to brokers or agents for the sale of property or property management
- Your moving expenses
- Personal property taxes on cars, boats, etc.
- General casualty and theft losses in excess of $100 and totaling more than 10%
of adjusted gross income
- Miscellaneous Overlooked Tax Deductions Student loan interest
- Special school costs for mentally or physically handicapped individuals
- Worthless stock or securities
- Fees for tax preparation or advice
- Legal fees to collect taxable alimony or Social Security
- Hobby expenses to the extent of hobby income you included in gross income
- Services of a housekeeper, maid, or cook needed to run your home for the benefit
of a qualifying dependent while you work
- Penalty on early withdrawal of savings
- Alimony paid, but not child support>
- State income taxes owed from a prior year and paid in the tax year
- Fourth quarter estimated state taxes paid by December 31
- Taxes paid to a foreign government
- Mandatory contributions to state disability funds
- Points paid on mortgage or refinancing
- General sales tax deduction (including tax paid on large items such as cars or
boats) in lieu of the income tax deduction
- Cash and non-cash contributions to a qualified charity
- Mileage incurred in performing charitable activities
- Gambling losses to the extent of your gambling winnings
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