More Overlooked Tax Deductions

Here are a few more of the most common tax deductions that are overlooked. Remember, depending on your filing situation, not all of these deductions will apply to you.

1.) Adjustment on Form 1040 for student loan interest.

2.) Adjustment on Form 1040 for one-half of the self-employment tax you paid

3.) Health insurance premiums for some self-employed taxpayers. This is also and adjustment on Form 1040.

4.) Adjustment on Form 1040 for penalty on early withdrawal on savings.

5.) Alimony you paid, also an adjustment on Form 1040.

6.) Nursing home expenses which are primarily for medical care.

7.) Equipment for disabled or handicapped individuals.

8.) Certain stop smoking treatments and the cost of alcohol and drug abuse treatments.

9.) Part of life-care fee paid to a retirement home designated for medical care.

10.) Job seeking expenses within your present field of employment.


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