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Top 50 Most Overlooked Deductions

Keeping up with tax deductions can be daunting, considering many of them were altered by tax reform. But you might be overlooking important ones that could affect your refund. That’s why we’ve compiled a list of commonly missed deductions for your reference.

Charity

  • Property donated to a recognized charity
  • Cash contributions to a recognized charity
  • Charitable contributions through payroll deduction or social media
  • Fourteen cents per mile for miles driven while doing volunteer work
  • Expenses up to $50 per month for an exchange student living with you

 

Legal

  • Legal fees for actions involving unlawful discrimination
  • Legal fees paid in connection with an IRS Whistleblower award

 

Medical, healthcare, and disability

  • Medical transportation – including tolls, parking, and the standard mileage deduction of 20 cents per mile for healthcare, including visiting doctors and dentists, and picking up medicine
  • 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 and the supplies to maintain them
  • Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays
  • Equipment for disabled or handicapped individuals
  • Part of life-care fee paid to retirement home designated for medical care
  • The cost of alcohol, drug abuse, and certain stop-smoking treatments
  • Special school costs for mentally or physically handicapped individuals
  • Wages for nursing service
  • MSA or HSA contributions
  • Adjustment on Form 1040 of health insurance premiums for some self-employed persons
  • Medicare premiums
  • Impairment-related work expenses for a disabled person
  • Mandatory contributions to state disability funds
  • Cost of health insurance premiums, not part of the Premium Tax Credit, Adjustment for some self-employed persons

 

Property

  • Casualty losses in a federally declared disaster area
  • Points paid on mortgage or refinancing

 

Investments

  • Penalty on early withdrawal from a savings account
  • Deduction of IRA contributions
  • Worthless stock or securities
  • Amortizable bond premiums
  • Penalty on early withdrawal of savings

 

Taxes

  • One-half of self-employment tax paid
  • State income taxes owed from a prior year and paid in the current tax year
  • Last quarter estimated state taxes paid by December 31
  • Personal property taxes on cars, boats, etc.
  • Real estate taxes
  • State and local income or sales taxes
  • Taxes paid to a foreign government

 

Miscellaneous

  • Student loan interest
  • Gambling losses to the extent of winnings
  • Jury pay given to an employer
  • Travel expenses for military reservists
  • Moving expenses for active-duty military moving under Permanent Change of Station (PCS) orders
  • $250 of unreimbursed classroom expenses for teachers and assistants of grades K-12
  • Nontaxable amount of Olympic and Paralympic medals and USOC prize money
  • Repayments of supplemental unemployment benefits under the Trade Act of 1974
  • Penalty on early withdrawal of savings

 

Still have questions?

If you’re unsure whether you qualify for any of these deductions, contact a Tax Pro today.

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