15 Commonly Missed Tax Deductions

Are You Overpaying the Government?

Everyone knows that taxes are as inevitable as death, but that doesn't mean that you have to overpay the government their fair share. The tax deduction system is in place to help families, individuals and businesses to grow, innovate and flourish in new ways without having to be overtaxed for their venture. Most people, however, don't take advantage of the full range of deductions that they are legally eligible for which only serves to put tens of millions of dollars every year into the government's coffers.

Following is a list of some of the most common overlooked tax deductions that you can keep an eye out for, and you can be sure the experts in the network of Cahill Taxes are adding to the returns of their clients every day. Not all of these deductions will apply to you. It's best to speak with a tax expert to know for certain if you can use a deduction.

1. Tolls, parking fees, and/or mileage for regular doctor's visits and labs as a medical expense: If you've been to a doctor, there are probably deductions available to you through one of these categories or options.
2. Education Expenses: If your job requires that you take any form of continuing education, you may be eligible to deduct expenses from your taxes including travel, tuition and books.
3. Moving Expenses: That's right, hiring a moving company can be tax-deductible. Even if you do it yourself with a rented van you may be able to deduct the expense from your taxes.
4. Hospital fees: Lab tests, nursing services, physical theapy…even x-ray expenses may qualify for deductions on your taxes.
5. Union Dues: If you are a member of organized labor your dues to the union are most likely tax deductible.
6. Student Loan Interest: If you've been paying back Sallie Mae or some other private student loan, the interest you've been paying on that loan is usually tax deductible.
7. Corrective Medical Tools: Such as eyeglasses, contacts, or hearing aids are tax deductible for the year in which you purchase them.
8. Uniforms: If you have to buy a uniform for work, or even proper footwear, save the receipt!
9. Worthless Stocks or Securities: Take a bath in the market recently? The government will help lessen the sting by allowing you to deduct some of those losses from your taxes.
10. Quit-Smoking Programs: If you are trying to quit and engaging professional services to help, they may be tax deductible. In addition, certain drug abuse programs may also be tax deductible.
11. Business Gifts: If you are in the habit of sending out gifts to your clients every Christmas, they may be deductible as well – up to $25.00 per client.
12. Points on a Mortgage: If you paid for points on a refinance or a new mortgage that may qualify for a deduction.
13. Job-Seeking Expenses As long as you are looking for a job within your current (or latest) field of employment, your expenses while job-hunting may be deductible.
14. Job Tools: If you are a mechanic, or other type of employee who needs to purchase tools for their job, there are plenty of programs in place to help you deduct the expense of those tools from your taxes.
15. Alimony: If you are responsible for paying alimony you may receive a tax deduction. Child support does not qualify for any deductions at this time.