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Top 25 Overlooked Tax Deductions
from: Chris Spewock
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:
1. Student loan interest
2. Self-employment tax paid (50% is deductible)
3. Health insurance premiums for some self-employed persons
4. Penalty on early withdrawal of savings
5. Alimony paid (not including child support)
6. Medical transportation costs
7. Nursing home medical care expenses
8. Certain medical aids
9. Hearing aids, eye glasses, and contact lenses
10. Some hospital fees
11. Medical equipment for disabled or handicapped individuals
12. Certain life-care fees paid to retirement home
13. Alcohol, drug abuse treatment, and certain stop-smoking treatment costs
14. Special school costs for mentally or physically handicapped individuals
15. Nursing service costs
16. Prior year State income taxes
17. Estimated state taxes for the last quarter of the year
18. Personal property taxes on cars, boats, etc.
19. Taxes paid to a foreign government
20. Mandatory contributions to state disability funds
21. Points paid on mortgage or refinancing
22. Property donated to a recognized charity
23. Cash contributions to a recognized charity
24. Mileage costs for charitable activities
25. 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.
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