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Easily overlooked deductions |
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E-Mail Halliday@hallidaycpa.com |
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This web page offers factual and up-to-date information on the subjects discussed, but should not be regarded as a complete analysis of these subjects. No party assumes liability for any loss or damage resulting from reliance or use of this material. |
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• Accounting fees for tax preparation services and IRS audits • Alcoholism and drug abuse treatment • Amortization of premium 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 needed to maintain or improve your skills • Educational credits for tuition • 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 • Fixing up expenses associated with the sale of a home • 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) |
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The following is a reminder of some deductions you can easily overlook when you prepare your income tax return. This list is not all-inclusive and may not be applicable to each individual situation, however, hopefully it will serve as a reminder of available deductions. |