The Most Overlooked Tax Deductions:
- Accounting fees for tax preparation services and IRS audits
- Casualty or theft losses
- Cellular telephones for business
- Cleaning and laundering services when traveling
- Commissions and closing costs on sale of property
- Contact lenses, eyeglasses, and hearing devices
- Costs associated with looking for a new job in your present occupation, including fees for résumé preparation and employment of outplacement angencies
- Dues to labor unions
- Education expenses to the extent required by law or your employer or needed to maintain or improve your skills
- Employee contributions to a state disability fund
- Employee's moving expenses
- Federal state tax on income with respect to a decedent
- Fees for a safe-deposit box to hold investments (e. g., stock certificate)
- Fees paid for childbirth preparation classes if instruction relates to obstetrical care
- 50% of self-employment tax
- Foreign taxes paid
- Foster child care expenditures
- Gambling losses to the extent of gambling winnings
- Hospital services fees (laboratory work, therapy, nursing services, and surgery)
- Impairment-related work expenses for a disabled individual
- Improvements to your home
- Investment advisory fees
- Legal fees incurred in connection with obtaining or collecting alimony
- Long-term care insurance premiums
- Margin account interest expense
- Medical transportation, including standard mileage deduction and lodging expenses incurred for medical reasons while away from home
- Mortgage prepayment penalties and late fees
- Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction
- Health insurance premiums is self-employed
- Points on a home mortgage and certain refinancings
- Protective clothing required at work
- Real estate taxes associated with the purchase or sale of property
- Seller-paid points on th epurchase of a home
- Special equipment for the disabled
- Special schools and separately stated fees for medical care included in tuition
- State personal property taxes on cars and boats
- Subscriptions to professional journals
- Theft or embezzlement losses
- Trade or business tools with life of 1 year or less
- Worthless stock or securities