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TAX TREASURE TRUNK

There are numerous deductions and credits available to tax payers that are often overlooked. The following is a list of 20 common deductions from which most tax payers can benefit.

a. Accounting fees for tax preparation services
b. Alcoholism and drug abuse treatment
c. Cellular telephones
d. Cleaning and laundering services when traveling
e. Contact lenses, eye glasses, and hearing devices
f. Contraceptives, if bought with a prescription
g. Depreciation of home computers
h. Dues to labor unions
i. Education expenses to the extent required by law or your employer or needed to maintain or improve job skills
j. Employee’s moving expenses
k. Fees paid for childbirth preparation classes if instruction relates to obstetrical care
l. Gambling losses to the extent of gambling gains
m. Improvements to your home
n. Legal fees incurred in connection with obtaining or collecting alimony
o. Mortgage prepayment penalties and late fees
p. Part of health insurance premiums if self-employed
q. Penalty on early withdrawal of savings
r. Protective clothing required at work
s. State personal property taxes on cars and boats
t. Subscriptions to professional journals

Be aware, be smart, and heed the wisdom of the treasure trunk!