MOST COMMON OVERLOOKED TAX DEDUCTIONS
Millions of Americans each year are likely to overlook hundreds, even thousands of dollars in tax savings when preparing to file your tax returns. For the highly organized individuals to those whose receipts and statements are in a shoebox, here are a few deductible expenses that you do not want to overlook.
Cash and non-cash charitable contributions
Gambling losses to the extent of your gambling winnings
Home office expenses if you are self-employed
Education expenses you paid to maintain or improve your job skills (including books)
Self-employed health insurance premiums
Long term care insurance premiums
Medical mileage and transportation expenses, including trips to doctors, health facilities and labs, tolls and parking are also included
Mileage incurred in performance of charitable entities
Cost of maid, housekeeping and cooks needed to maintain your household for the benefit of a dependent while you work
State income taxes paid for prior years
Penalties paid on early withdrawal of savings
Cost of safe deposit box
The cost of alcohol and drug abuse treatment programs