Frequently Overlooked Deductions

Don’t you love beating the IRS? We get a perverse pleasure from not paying taxes, so we put together some tips to help you pay less to the IRS.

  • Points you pay for a mortgage or loan for improvement of your home.
  • Unemployment and disability taxes your state withholds.
  • Expenses related to seminars you attend for business purposes. Deductible items include registration fees, travel, lodging and 80% of the cost of your meals.
  • Travel expenses you incur when checking on income-producing property.
  • Cost of telephone, postage, office supplies and automobile operation (trips to and from broker).
  • Books, magazines, and newsletters on investment, financial, or tax matters, including appropriate daily papers (e.g., The Wall Street Journal, The New York Times).
  • Out-of-pocket expenses incurred in changing jobs. Include the cost of printing résumés or traveling to an interview.
  • A portion of health insurance for the self-employed.
  • Deductible items on December credit card statement, even if paid in the following year.
  • Medical expenses.
  • Charitable contributions.
  • Miscellaneous business expenses.

Remember: You can only deduct business and miscellaneous deductions if they exceed 2% of your adjusted gross income.

It doesn't end there! We have even more tax advice that will help save you money. Check out these other articles in our Taxes section:

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