You wouldn’t believe the number of deductions that are overlooked each year, by taxpayers just like you. That’s right; these money-saving deductions are missed by countless income earners every tax season. Read on and arm yourself to take full advantage of these deductions and get back what you deserve:
- Student loan interest
- Self-employment tax paid (50% is deductible)
- Health insurance premiums for some self-employed persons
- Penalty on early withdrawal of savings
- Alimony paid (not including child support)
- Medical transportation costs
- Nursing home medical care expenses
- Certain medical aids
- Hearing aids, eye glasses, and contact lenses
- Some hospital fees
- Medical equipment for disabled or handicapped individuals
- Certain life-care fees paid to retirement home
- Alcohol, drug abuse treatment, and certain stop-smoking treatment costs
- Special school costs for mentally or physically handicapped individuals
- Nursing service costs
- Prior year State income taxes
- Estimated state taxes for the last quarter of the year
- Personal property taxes on cars, boats, etc.
- Taxes paid to a foreign government
- Mandatory contributions to state disability funds
- Points paid on mortgage or refinancing
- Property donated to a recognized charity
- Cash contributions to a recognized charity
- Mileage costs for charitable activities
- Qualified casualty and theft losses
Note: Not every item will be applicable to your situation.
For further advice on taking advantage of these as well as other deductions, contact a local tax preparation service like Jackson Hewitt. Also, follow these links to other interesting topics that can help you save on taxes and keep more money in your pocket: Tax Tips and Tax Help.
