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50 Commonly Overlooked Deductions

  • Accounting fees for tax preparation services and IRS audits
  • Alcoholism and drug abuse treatment
  • Amortization of premium on taxable bonds
  • Appraisal fees for charitable donations or casualty losses
  • Appreciation on property donated to a charity
  • Casualty or theft losses
  • Cellular telephones
  • Cleaning and laundry services when traveling
  • Commissions and closing costs on sale of property
  • Contact lenses, eye glasses and hearing devices
  • Contraceptives, if bought with a prescription
  • Cost associated with looking for a new job in your present occupation, including fees for resume preparation and employment agencies
  • Depreciation on home computers
  • 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 state disability fund
  • Employee’s moving expenses
  • Federal estate tax income with respect to a decedent
  • Fees for a safe-deposit box to hold investments (e.g. stock certificates)
  • Fees paid for childbirth preparation classes id instruction relates to obstetrical care
  • Fifty percent of self-employment tax
  • Foreign taxes paid
  • Foster child care expenditures
  • Gambling losses to the extent of gambling winnings
  • Hospital service fees (laboratory work, therapy, nursing services and surgery)
  • Impairment-related work expenses for a disabled individual
  • Breast pump and lactation supplies
  • Investment advisory fees
  • IRA trustee’s administrative fees billed separately
  • Lead paint removal
  • 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 whole 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 if self-employed
  • Penalty on early withdrawal of savings
  • Personal liability insurance for wrongful acts as an employee
  • Points on home mortgage and certain refinancing
  • Protective clothing required at work
  • Real estate taxes associated with the purchase or sale of property
  • Seller-paid points on the purchase 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 one year or less
  • Worthless stock or securities
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