Top 25 Overlooked Tax Deductions

You wouldnt believe the number of deductions that are overlooked each year, by taxpayers just like you… Thats right; these money-saving deductions are missed by countless income earners every tax season. Read on & arm yourself to take full advantage of these deductions & get back what you deserve:

1. Student loan interest
2. Self-employment tax paid (50% is deductible)
3. Health insurance premiums for some self-employed persons
4. Penalty on early withdrawal of savings
5. Alimony paid (not including child support)
6. Medical transportation costs
7. Nursing home medical care expenses
8. Certain medical aids
9. Hearing aids, eye glasses, & contact lenses
10. Some hospital fees
11. Medical equipment for disabled or handicapped individual persons
12. Certain life-care fees paid to retirement home
13. Alcohol, drug abuse treatment, & certain stop-smoking treatment costs
14. Special school costs for mentally or physically handicapped individual persons
15. Nursing service costs
16. Prior year State income taxes
17. Estimated state taxes for the last ¼ of the year
18. Personal property taxes on cars, boats, etc.
19. Taxes paid to a foreign government
20. Mandatory contributions to state disability funds
21. Points paid on mortgage or refinancing
22. Property donated to a recognized charity
23. Cash contributions to a recognized charity
24. Mileage costs for charitable activities
25. Qualified casualty & theft losses

Note: Not every item will be applicable to your situation.

For further advice on taking advantage of these as well as other deductions, contact a local tax preparation service like Jackson Hewitt. Also, follow these links to other interesting topics that can assist you save on taxes & keep more money in your pocket: Tax Tips & Tax Help. Source


You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

AddThis Social Bookmark Button

Leave a Reply

You must be logged in to post a comment.