Tax Season 101

Commonly Overlooked Tax Deductions Checklist

Illustration of money

Possibly missed ways to save money on your personal income taxes.

Medical

  • Health insurance premiums (for self-employed people, 100 percent deductible from gross income)

    Related: How to Save on Medical Bills

  • Transportation expenses for trips to medical facilities or doctors’ offices
  • Nursing home medical expenses
  • Crutches, orthopedic shoes, etc.
  • Hearing aids, eyeglasses, contact lenses
  • Equipment for disabled individuals
  • Alcohol- and drug-abuse programs and some stop-smoking treatments
  • Nurses’ fees
  • Weight-loss programs prescribed by a doctor

    Related: 7 Ways to Save on Taxes

Business

  • Education expenses to maintain or improve job skills
  • Job-related professional journals and newspapers
  • Required uniforms
  • Union dues
  • Employment agency fees or commissions
  • Home office expenses (if you work from home)
  • Expenses for job-seeking in your current field
  • Reservist and National Guard overnight-travel expenses
  • Cleaning and laundering services while traveling for business
  • Cell phones required for business

Home

  • Commissions for the sale of your home, or rental management if you rent it out
  • Moving expenses
  • Personal property taxes on cars, boats, etc.
  • Casualty and theft losses
  • Housekeeping or other home services needed for a qualifying dependent during your work hours

Charitable

  • Donated clothing or other goods; note the estimated value (see “Valuation Guide” at goodwillpromo.org) on the receipt
  • Mileage incurred while performing charitable activities
  • Cost of meals, accommodations, public transportation, and gas when volunteer work sends you far from home—if you pay for them out of your own pocket

Educational

  • Hope and Lifetime Learning credits (a type of federal financial aid for college tuition that gives tax credit instead of tuition payment)
  • Student loan interest

Finances

  • Investment-related expenses
  • Refinancing points on a mortgage
  • Accounting or legal fees involved with taxes
  • Cost of safe deposit box used for investments or business
  • Penalty on early withdrawal of savings
  • Alimony

Other

  • Care provided for disabled children or spouse (Child and Dependent Care Credit)
  • Clean fuel credit for purchase of hybrid car
  • Jury duty pay reimbursed to employer
  • Some gambling losses

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