50 of the most easily overlooked tax exemptions: - The following list is as a reminder of deductions easily overlooked on tax returns. It is not intended to be all-inclusive, nor applicable to everyone. Circumstances of your situation will determine whether you qualify. You should consult with your tax expert.
The following list has been prepared by: Joseph Petrucelli, CPA/CFF, FCPA, CVA, CFFA, PSA, CFE PP&D Accounting Services Inc. 2. Alcoholism and drug abuse treatment 3. Amortization of premium on taxable bonds4. Appraisal fees for charitable donations or casualty losses5. Appreciation on property donated to charity 6. Casualty or theft losses7. Cellular telephones for business use8. Cleaning and laundering services when traveling9. Commissions and closing costs on sale of property10. Contact lenses, eye glasses, and hearing devices11. Contraceptives, if bought with a prescription12. Costs associated with looking for a new job in your present occupation, including fees for resume preparation and employment outplacement agencies13. Depreciation of home computers14. Dues to labor unions15. Education expenses to the extent required by law or your employer or needed to maintain or improve your skills16. Employee contributions to a state disability fund17. Employee's moving expenses18. Federal estate on income with respect to a descendant19. Fees for a safe-deposit box to hold investments20. Fees paid for childbirth preparation classes if instruction relates to obstetrical care21. Foreign taxes paid22. Foster child care expenditures23. Gambling losses to the extent of gambling gains24. Hospital services fee (laboratory work, therapy, nursing services, and surgery) 25. Impairment-related work expenses for a disabled individual26. Improvements to your home (ie: energy efficient, health)27. Investment advisory fees28. IRA trustee's administrative fees billed separately29. Lead paint removal30. Legal abortion fees31. Legal fees incurred in connection with obtaining or collecting alimony32. Margin account interest expense33. Medical transportation, including standard mileage deduction and lodging expenses incurred for medical reasons while away from home34. Mortgage payment penalties and late fees35. Out-of-pocket expenses relating to charitable activities, including standard mileage deduction36. Part of health insurance premiums if self-employed37. Penalty on early withdrawal of savings38. Personal liability insurance for wrongful acts as an employee39. Points on a home mortgage and certain refinancing costs40. Protective clothing required at work41. Real estate taxes associated with the purchase of a home42. 50% of self-employment tax43. Seller-paid points on the purchase of a home44. Special equipment for the disabled45. Special schools and separately stated fee for medical care included in tuition46. State personal property taxes on cars and boats47. Subscriptions to professional journals48. Theft of embezzlement losses49. Trade or business tools with life of 1 year or less50. Worthless stock or securities