20 Commonly Missed Tax Deductions

Clients of PorterKinney receive a list of 50 commonly-missed deductions.

Here are some highlights from that list of tax deductions:

  1. Charitable Miles Driven
  2. Interest on RV or Boat (that could qualify as a second home) loan.  HINT: You don’t actually have to live there.
  3. Sales tax paid on a Motor Vehicle, Boat, Aircraft, Home (mobile, manufactured), or substantial addition or major renovation to a home
  4. The work-related (or business-related) portion of your cell-phone bill
  5. The work-related (or business-related) portion of your internet bill
  6. Refinance loan origination fees
  7. Real estate taxes (on main home and other homes and land)
  8. Mortgage insurance Premiums (if home closed after 2006)
  9. Home equity loan interest
  10. Out-of-pocket volunteer expenses
  11. Non-cash charitable donations (HINT: Goodwill)
  12. Dependent Care Expenses (including preschool)
  13. Books and other educational supplies for undergraduates who qualify for the American Opportunity Credit (such as books or Laptop computers)
  14. Cell phone or computer purchase (used for work or business)
  15. Protective clothing required at work
  16. Union Dues
  17. Tools and Supplies used for work or business
  18. Job education (including travel to deductible job education)
  19. Job-hunting costs in the same line of work
  20. Home Office Expenses

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Disclaimer: While PorterKinney PC has made every attempt to ensure the accuracy of this document, it is not responsible for any errors or omissions, or for the results obtained from the use of the information in this presentation. This document been prepared for information purposes and general guidance only and does not constitute legal, accounting or other professional advice. Circular 230 Notice: The information included in this presentation is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties or (2) promoting, marketing, or recommending to another party any tax related matters.