Posted by: Bill & Gayle McCord | March 30, 2011

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

  • 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. Don’t forget this year we get 3 extra days (due April 18th). But really I’m thinking this is just prolonging the suffering 🙂

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