Posted by: Bill & Gayle McCord | March 24, 2010

45 of the Most Overlooked Tax Deductions

As you know, April 15th is rapidly approaching.  So, with a few weeks left, here are some often overlooked tax deductions you’ll want to consider.

45 of the Most Overlooked Tax Deductions

Keep track of the deductions you're entitled to and this tax season will be much less painful.

  • Accounting fees for tax preparation services and IRS audits
  • Amortization of premium on taxable bonds
  • Appraisal fees for charitable donations or casualty losses
  • Appreciation on property donated to a charity
  • Cellular telephones
  • Cleaning and laundering services when traveling
  • Commissions and closing costs on sale of property
  • Contact lenses, eye glasses, and hearing devices
  • Depreciation of home computers
  • Federal estate tax on income with respect to a descendant
  • Fees for a safe-deposit box to hold investments (i.e. stock certificates)
  • Improvements to your home
  • Investment advisory fees
  • Lead paint removal
  • Legal fees incurred in connection with obtaining or collecting alimony
  • Margin account interest expense
  • Mortgage prepayment penalties and late fees
  • Points on a home mortgage and certain refinancing
  • 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
  • State personal property taxes on cars and boats
  • Subscriptions to professional journals
  • Worthless stock or securities
  • Employee’s moving expenses
  • Student loan interest
  • Health insurance premiums for some self-employed persons
  • Penalty on early withdrawal of savings
  • Medical transportation costs
  • Nursing home medical care expenses
  • Certain medical aids
  • 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
  • Mileage costs for charitable activities
  • Qualified casualty and theft losses

If you own a small business, check out these small business tax breaks, as well.

Note: Not every item will be applicable to your situation.



  1. Student loan interest and taxes paid to a foreign gov’t…good to know. 😉

    Actually, we don’t pay out to the Council here b/c we’re not employed here…but come August, that’s good to know for Josh. 🙂

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