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:
Student loan interest
Self-employment tax paid (50% is deductible)
Health insurance premiums for some self-employed persons
Penalty on early withdrawal of savings
Alimony paid (not including child support)
Medical transportation costs
Nursing home medical care expenses
Certain medical aids
Hearing aids, eye glasses, and contact lenses
Some hospital fees
Medical equipment for disabled or handicapped individuals
Certain life-care fees paid to retirement home
Alcohol, drug abuse treatment, and certain stop-smoking treatment costs
Special school costs for mentally or physically handicapped individuals
Nursing service costs
Prior year State income taxes
Estimated state taxes for the last quarter of the year
Personal property taxes on cars, boats, etc.
Taxes paid to a foreign government
Mandatory contributions to state disability funds
Points paid on mortgage or refinancing
Property donated to a recognized charity
Cash contributions to a recognized charity
Mileage costs for charitable activities
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.
