Tax deductions… we all want as much of them as we can. And with the complicated tax code, you could be missing a few of them if you happen to be itemizing your tax return. It seems that some tax deductions aren’t as well publicized nor as well referenced as we’d like them to be.
What out there can we be missing out on? Well here’s a short collection of tax deductions (care of Forbes) that are often overlooked by most:
#1 Home Mortgage Points
#2 Home Improvements for Health Reasons
#3 State Taxes on Personal Property
#4 Long Term Care Insurance Premiums
#5 Financial Losses From Criminal Activity (Theft, Embezzlement, Swindles, Scams, Fraud)
Don’t lose out on this type of tax deduction that even professional tax preparers tend to miss!
#6 Financial Losses From Gambling
#7 Eye and Ear Care and Surgery
#8 Fertility Enhancement Or Prevention Methods
#9 Worthless Securities
#10 IRA Administration Fees
And for those of you who are “probloggers”, website publishers, or small business entrepreneurs, you can check out this tailored list of easily overlooked tax deductions. A good number of them can apply to your situation!
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- Earn top returns: FNBO Direct [1.90%], HSBC Direct [1.65%], WTDirect [1.76%], E*Trade Bank [0.95%], ING Direct [.25% to 1.65%]
- Cash bonus: Discover More [$50], American Express [$25], Lending Club [$25]
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What! Nobody excited enough to talk about their tax deductions?
No…
You’d think that they would have better artists over there at Forbes…
@Jim,
HAHA! Thanks for the feedback. Yeah, you’d think…
Hey I was only vaguely aware that losses from gambling and theft were deductible.
I knew that medical procedures and prescriptions are deductible if they apply to that percentage deductibility limit for medical expenses, so infertility treatments and contraceptives fall in that bucket.
Yeah, but gambling losses require gambling winnings to offset, which people don’t report anyway unless required… (plus most people lose!)