Although most people have already had their taxes prepared, there are those who will need to file an extension. Here is a list of the top fifty overlooked deductions. Not every item will be applicable to your situation. This will also be handy for next year's taxes, but It's always best to consult your tax advisor.
1. Adjustment on form 1040 for student loan interest.
2. Adjustment on form 1040 for one-half of the self employment taxes you paid.
3. Adjustment on form 1040 of health insurance premiums for some self-employed taxpayers.
4. Adjustment on form 1040 for penalty on early withdrawal of savings.
5. Adjustment on Form 1040 for alimony paid, but not child support.
6. Medical transportation including tolls, parking, and mileage deduction for visiting doctors, dentists, and picking up medicine.
7. Nursing home expenses that are primarily for medical care.
8. medical aids such as crutches, canes, and orthopedic shoes.
9. hearing aids, eyeglasses, and contact lenses.
10. Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays.
11.Equipment for disabled or handicapped individuals.
12. Part of life-care fee paid to a retirement home designated for medical care.
13. The cost of alcohol and drug abuse and certain smoking cessation treatments.
14. Special school costs for mentally or physically handicapped individuals.
15.wages for nursing services.
16. State income taxes owed from a prior year in paid in the tax year.
17. payment of last quarter estimated state taxes made by December 31.
18.. Personal property taxes on cars, boats, etc.
19. Taxes paid to a foreign government.
20. mandatory contributions to state disability funds.
21. State and local sales or excise taxes paid.
22. Points paid on a mortgage or refinancing.
23. property or cash donations to a recognized charity.
24. Mileage incurred in relation to charitable activities at 14 cents per mile.
25.Unreimbursed casualty and theft losses in excess of $100 and totaling more than 10% of your adjusted gross income.
26. Education expenses you paid to maintain or improve your job skills.
27. A handicapped individual's work-related expenses.
28. professional journals, magazines, and newspapers that are job-related
29. Cost of a safe deposit box you used for investments or business.
30.Guide dog or guard dog for business.
31. required uniforms and work clothes not suitable for street wear.
32. Union dues.
33. Employment agency fees or commissions.
34. Home offices expenses, if your primary place of business.
35. Job -seeking expenses within your present field of employment.
36. Adjustments on Form 1040 for reservist and National Guard overnight travel and expenses.
37. Dues to a professional organizations.
38. Business gifts up to $25 per customer or client.
39. Employee's moving expenses.
40. Business expenses including meals, travel, lodging, and entertainment not reimbursed by your employer.
41. Cleaning and laundering services while traveling.
42. Tools bought for use at your job.
43. Cellular phones required for your business.
44. Worthless stock or securities
.45. Commission to brokers or agents for the sale of property or property management.
46. Fees for tax preparation
47. Legal fees to collect taxable alimony or Social Security.
48. $50 a month for each month a foreign exchange student lives with you.
49. Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work.
50. Gambling losses to the extent of winnings
It's always best to consult your tax professional for more information how these or any other deductions affect you.
With thanks to Jackson Hewitt Services