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45 Deductions You Don’t Want to Overlook

by Thomas Kubiak

The tax specialists at Accutax and OwlView are versed in the latest rules and regulations and will determine which of these items may be fully or partially deductible from your income for federal tax purposes.  In some cases, income limits and other restrictions must be met.  In doubt?  Keep a record and your tax specialist will make an accurate determination for you.

Charitable contributions
1.    Donations of goods to charity and appraisals of those gifts
2.    Contributions by cash (with receipt) or check
3.    Mileage on a personal vehicle while doing charity work
4.    Appreciation on property donated to a charity

Taxes and real estate

5.    State income taxes
6.    State personal property taxes on cars and boats
7.    Real estate, town and school taxes
8.    Mortgage interest on first and second homes, including homes on wheels
9.    Points paid on a home mortgage and certain refinancing costs
10.   Mortgage insurance premiums, mortgage prepayment penalties and late fees

11.   Commissions and closing costs on sale of property

12.    Prescription drugs, including contraceptives, and co-payments for doctor visits
13.    Contact lenses, eyeglasses and hearing aids
14.    Hospital services fees for laboratory work, therapy, nursing services and surgery
15.    Special equipment for the disabled
16.    Alcoholism and drug abuse treatment
17.    Medical transportation, including standard mileage deduction to any treatment or appointment and lodging while away from home

18.    Cell phones and service fees based on percentage of business use
19.    Job-hunting costs, resumes and employment agencies, unless changing professions
20.    Moving and storage expenses if changing jobs and a distance test is passed
21.    Cleaning and laundering services while traveling on business
22.    Union dues
23.    Subscriptions to professional journals
24.    Trade or business tools with life of one year or less
25.    Uniforms and protective clothing required at work
26.    Personal liability insurance against wrongful acts as an employee
27.    Education expenses to maintain or improve your job skills
28.    Impairment-related work expenses for a disabled individual
29.    Employee contributions to a state disability fund

30.    Health insurance premiums
31.    Half of self-employment tax
32.    Depreciation on home computers

33.    Penalty on early withdrawal of savings
34.    Margin account interest
35.    Investment advisory fees if billed separately
36.    IRA Custodian fees if billed separately
37.    Safe-deposit box fee to store securities or collectibles
38.    Worthless stock or securities
39.    Foreign taxes paid on an overseas investment holding

40.    Tax preparation fees and accounting services for an IRS audit
41.    Foster childcare expenditures and adoption expenses
42.    Gambling losses that offset gambling gains
43.    Lead paint removal
44.    Legal fees incurred collecting alimony or a debt
45.    Casualty or theft losses and appraisals of losses

Posted December 31, 2015