Commonly Overlooked Deductions

Here are some of the commonly overlooked write-offs:

  • Student loan interest
  • Education expenses
  • One-half of self-employment tax paid
  • Cost of health insurance premiums, not part of the Premium Tax Credit, Adjustment for some self-employed persons
  • Penalty on early withdrawal of savings
  • Alimony paid (does not include child support)
  • Medical transportation - including tolls, parking, and mileage for visiting doctors and dentists and picking up medicine
  • Breastfeeding equipment and pumps
  • Nursing home expenses that are primarily for medical careMedical aids such as crutches, canes, and orthopedic shoes
  • Hearing aids, eye glasses, and contact lenses
  • Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays
  • Equipment for disabled or handicapped individuals
  • Part of life-care fee paid to retirement home designated for medical care
  • The cost of alcohol, drug abuse, and certain stop-smoking treatments
  • Special school costs for mentally or physically handicapped individuals
  • Wages for nursing service
  • State income taxes owed from a prior year and paid in the current tax year
  • Payment by December 31 of last quarter estimated state taxes
  • 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
  • Fair Market Value of property donated to a recognized charity
  • Cash contributions to a recognized charity
  • Mileage incurred in relation to charitable activities
  • Gambling losses to the extent of winnings.

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