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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.

Medical-related
  1. Medical transportation expenses including tolls, parking, and mileage for trips to health facilities, doctor's offices, laboratories, etc.
  2. Nursing home expenses that are primarily for medical care
  3. Medical aids such as crutches, canes, and orthopedic shoes
  4. Hearing aids, eye glasses, and contact lenses
  5. Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays
  6. Equipment for disabled or handicapped individuals
  7. Part of the life-care fee paid to a retirement home designated for medical care
  8. The cost of alcohol and drug abuse programs, and certain smoking-cessation treatments
  9. Wages for nursing services
Job-related
  1. Education expenses you paid to maintain or improve job skills
  2. A handicapped individual's work-related expenses
  3. Professional journals, magazines, and newspapers that are job-related
  4. Cost of safe deposit box used for investments or business
  5. Seeing-eye dogs for the handicapped or guard dogs for a business
  6. Required uniforms and work clothes not suitable for street wear
  7. Union dues
  8. Employment agency fees or commissions in certain cases
  9. Home office expenses, if for your primary place of business
  10. Job-seeking expenses within your present field of employment
  11. Reservist and National Guard overnight travel expenses
  12. Dues to professional organizations
  13. Business gifts up to $25 per customer or client
  14. Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer
  15. Cleaning and laundering services while traveling for business
  16. Tools for use at your job
  17. Cellular phones required for business
  18. Half of the self-employment tax paid
  19. Self-employed health insurance premiums
Property-related
  1. Commission to brokers or agents for the sale of property or property management
  2. Your moving expenses
  3. Personal property taxes on cars, boats, etc.
  4. General casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income
  5. Miscellaneous Overlooked Tax Deductions Student loan interest
  6. Special school costs for mentally or physically handicapped individuals
  7. Worthless stock or securities
  8. Fees for tax preparation or advice
  9. Legal fees to collect taxable alimony or Social Security
  10. Hobby expenses to the extent of hobby income you included in gross income
  11. Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work
  12. Penalty on early withdrawal of savings
  13. Alimony paid, but not child support>
  14. State income taxes owed from a prior year and paid in the tax year
  15. Fourth quarter estimated state taxes paid by December 31
  16. Taxes paid to a foreign government
  17. Mandatory contributions to state disability funds
  18. Points paid on mortgage or refinancing
  19. General sales tax deduction (including tax paid on large items such as cars or boats) in lieu of the income tax deduction
  20. Cash and non-cash contributions to a qualified charity
  21. Mileage incurred in performing charitable activities
  22. Gambling losses to the extent of your gambling winnings
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