Business Tax Tips                                                  Print This Page

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

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