Keeping up with ever-changing tax deductions can be daunting. Worse yet, you may be overlooking deductions that could affect your refund. That’s why we’ve compiled a list of commonly overlooked deductions for your reference.

Have any specific questions? Stop in and visit your neighborhood Tax Pro!

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 Top 50 Overlooked Tax Deductions

  • Student loan interest
  • One-half of self-employment tax paid
  • Cost of health insurance premiums, not part of the Premium Tax Credit, Adjustment for some self-employed persons
  • Penalty on early withdrawal of savings
  • Alimony paid (does not include child support)

 

Overlooked Deductions by Category

  Overlooked Medical-related Tax Deductions

  • 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

 

 Overlooked Job-related Tax Deductions

  • 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

 

 Overlooked Property-related Tax Deductions

  • 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
 Overlooked Miscellaneous 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