Top 10 Overlooked Tax Breaks

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Information about Top 10 Overlooked Tax Breaks

Published on February 25, 2014

Author: GMLCPA



Every taxpayer looks for ways to minimize tax liability. Here are 10 overlooked tax breaks that many people forget or are not aware of.

Keep Your Hard Earned Money

* Health Insurance & Long Term Care Premiums * Prescription Drugs * Transportation Expenses to Medical Facilities or Doctor’s Offices * Nursing Home Medical Expenses * Hearing Aids, Glasses, Contact Lenses, Orthopedic Shoes * Some Stop Smoking Treatments * Nurse’s Fees * Weight Loss Programs Prescribed by a Doctor

* Cars * Boats * and Others * State Sales Tax Paid on Purchased Vehicles, Boat, Home Building Materials, etc.

* Donated Clothing or Other Goods * Mileage Incurred While Performing Charitable Activities

Up to the Amount of Hobby Income

* Incurred Due to a Change in Your Job or Business Location * Your New Workplace Must Be at Least 50 Miles Further From Your Old Home Than Your Old Job Location Was From Your Old Home

Reservists and Members of the National Guard Who Travel More Than 100 Miles in a Day and Stay Overnight for Training Can Deduct Related Expenses

* Child Care Costs * Summer Day Camp * Care Expenses for Adult Dependents

And these are just some of the deductions. Let us help you combine one or two of these and you have just paid for your tax preparation fee… which, by the way, is also deductible.

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