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50 of the Most Easily Overlooked Deductions
  1. Accounting fees for tax preparation services and IRS audits
  2. Alcoholism and drug abuse treatment
  3. Amortization of premiums on taxable bonds
  4. Appraisal fees for charitable donations or casualty losses
  5. Appreciation on property donated to a charity
  6. Casualty or theft losses
  7. Cellular telephones
  8. Cleaning and laundering services when traveling
  9. Commissions and closing costs on sale of property
  10. Contact lenses, eye glasses, and hearing devices
  11. Contraceptives, if bought with a prescription
  12. Costs associated with looking for a new job in your present occupation, including fees for resume preparation and employment of outplacement agencies
  13. Depreciation of home computers
  14. Dues to labor unions
  15. Education expenses to the extent required by law or your employer or as needed to maintain or improve your skills
  16. Employee contributions to a state disability fund
  17. Employee’s moving expenses
  18. Federal estate tax on income with respect to a descendent
  19. Fees for a safe-deposit box to hold investments (e.g., stock certificate)
  20. Fees paid for childbirth preparation classes if instruction relates to obstetrical care
  21. Foreign taxes paid
  22. Foster child care expenditures
  23. Gambling losses to the extent of gambling gains
  24. Hospital services fee (laboratory work, therapy, nursing services, and surgery)
  25. Impairment-related work expenses for a disabled individual
  26. Improvements to your home
  27. Investment advisory fees
  28. IRA trustee’s administrative fees that are billed separately
  29. Lead paint removal
  30. Legal abortion expenses
  31. Legal fees incurred in connection with obtaining or collecting alimony
  32. Margin account interest expense
  33. Medical transportation, including standard mileage deduction and lodging expenses incurred while away from home for medical reasons
  34. Mortgage prepayment penalties and late fees
  35. Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction
  36. Part or all of health insurance premiums if self-employed
  37. Penalty on early withdrawal of savings
  38. Personal liability insurance for wrongful acts as an employee
  39. Points on a home mortgage and certain refinancing
  40. Protective clothing required at work
  41. Real estate taxes associated with the purchase or sale of property
  42. 50% of self-employment tax
  43. Seller-paid points on the purchase of a home
  44. Special equipment for the disabled
  45. Special schools and separately stated fees for medical care included in tuition
  46. State personal property taxes on cars and boats
  47. Subscriptions to professional journals
  48. Theft or embezzlement losses
  49. Trade or business tools with life of 1 year or less
  50. Worthless stock or securities


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