Commonly Missed Tax Deductions
Lower Your Taxes - Even when you don't Itemize Deductions.
- Educator Expenses.
- Certain business expenses of reservist, performing artists and fee-basis government officials.
- Health savings account deduction.
- Moving expenses.
- Deductible part of Self-employment tax.
- Health insurance premiums for some self-employed persons
- Penalty on early withdrawal of savings
- Alimony paid (does not include child support)
- Retirement Contributions
- Mandatory contributions to state disability funds
Deductible Medical and Health Care Expenses
Unreimbursed medical care expenses that exceed 10% of your adjusted gross income may be deductible. The deduction is 7.5% for those 65 or older.
- Tolls, parking, and the standard mileage deduction of 23 cents per mile.
- Overnight lodging medically necessary.
- Medical aids such as crutches, canes, and orthopedic shoes
- Hearing aids, eye glasses, and contact lenses
- Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays
- Nursing home expenses that are primarily for medical care
- Equipment for disabled or handicapped individuals
- Part of life-care fee paid to retirement home designated for medical care
- The cost of alcohol, drug abuse, and certain stop-smoking treatments.
- Special school costs for mentally or physically handicapped individuals
- Wages for nursing service.
- Medicare health insurance.
- Health and cancer insurance.
- Medicare Insurance
- Out of pocket for medicine and co-pays.
- State estimated and prior year state taxes paid in the current tax year
- Real Estate Tax
- Personal property taxes on certain recreational vehicle, boats, cars, etc.
- Taxes paid to a foreign government
Interest, Mortgage Insurance and Points
- Points paid on mortgage or refinancing.
- Mortgage insurance premiums.
- Interest on mortgage
- Property donated to a recognized charity
- Cash contributions to a recognized charity
- Mileage incurred in relation to charitable activities at 14 cents per mile
Job Related Expenses
- A handicapped individual's work-related expenses
- Professional journals, magazines, and newspapers that are job-related
- Required uniforms and work clothes not suitable for street wear
- Union dues
- Employment agency fees or commissions
- Home office expenses, if primary place of business
- Job-seeking expenses within present field of employment including agencies, resume preparation, parking and tolls, long distance charges, and travel expenses
- Dues paid to professional organizations
- Business gifts up to $25 per customer or client
- Employment-related moving expenses
- Business expenses including travel, meals, lodging, and entertainment not reimbursed by your employer
- Cleaning and laundering services while traveling for business
- Tools bought for use at your job
- Cellular phones required for business.
- Education expenses paid to maintain or improve job skills.
- Reservist and National Guard overnight travel expenses. There is a special allowance that enables deduction even if you don't itemize.
- Miscellaneous Deductions
- Casualty and theft losses in excess of $100 and totaling more than 10% of adjusted gross income
- Cost of safe deposit box used for investments or business Seeing eye dog or guard dog for business
- New business start-up costs Worthless stock or securities Commission to brokers or agents for sale of property or property management
- Fees for tax preparation or advice
- Legal fees to collect taxable alimony
- Expenses up to $50 per month for an exchange student living with you
- Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work
- Gambling losses to the extent of winnings
- Hobby expenses if amounts are included in gross income.
For more information or for any deductions or Credits not discussed here - Click Here
Tax Situations vary with each return. Deductions may not apply to you.
Print or Manage Your Tax Return
Easily Print and manage your
tax return from the comfort of
your home, safely and securely.
At MT&T, personal service is a priority.
All returns are completed by a fully trained income tax preparer
who understands the importance of accuracy and confidentiality, not
an automated online software.
Your tax return is important to you.
It is important to us too. Trust us with your tax return and
be confident that you will get the best personal service and the
best refund possible.