The Most Overlooked Tax Deductions

  • Contributions of personal property to charity (receipts necessary)
  • Driving your car for charity-mileage or actual expense
  • Other out-of-pocket expenses of doing work for charity
  • Fees for safe deposit boxes used for investments or business
  • 100% of health insurance premiums, including long term care premiums if you are self-employed, a partner, or a more-than-2-percent S corporation shareholder
  • Use of your home or cell phone for business or charity
  • Subscriptions to professional magazines
  • Investment interest, margin interest on brokerage accounts
  • IRA contributions – non-working spouse can contribute $5,000 or $6,000 if over age 50
  • Business gifts of $25.00 or less
  • Membership fees for credit cards used primarily for business
  • Bonus depreciation available on new business equipment purchased
  • Investment or tax advice and subscriptions
  • Business portion of interest on self-employed auto loans
  • Simplified employee benefit Plan (SEP) – contribution up to $50,000
  • Vehicle license fee portion of DMV fees
  • Child care credit, child tax credit, and education credit
  • State income taxes and SDI withheld
  • Medicare premium withheld from Social Security checks
  • Unamortized points on refinance
  • Early withdrawal penalties on a CD or time deposit account cashed in before maturity
  • Excess Social Security tax you may have paid because you worked for┬ámore than one employer
  • One-half of self-employment tax
  • Parent’s medical expenses if you provide more than half of their support
  • Worthless stocks and securities
  • Interest and property taxes on a boat or recreational vehicle
  • Educational expenses paid to maintain or improve job skills
  • Casualty or theft losses
  • Medical transportation, including use of personal automobile
  • State income taxes owed from a prior year paid in current year
  • Sales tax on new vehicle or boat purchases
  • Work clothes not suitable for normal wear
  • Birth control prescribed by a doctor
  • Occupational license fees
  • Professional dues and union dues
  • Mileage to inspect rental properties