Tax Deductions Not to be Forgotten About - Look here before you file
Courtesy of James Jimenez, CPA of Fass and Associates in Parsippany, New Jersey:
Don’t Miss These Often Overlooked Deductions
If you itemize deductions on your tax return, every additional deduction you find will save you money. Here’s a sampling of often-missed deductions. As you review the list, be aware that certain miscellaneous deductions are deductible only to the extent they exceed 2% of your adjusted gross income (AGI), and medical expenses are deductible only to the extent they exceed 7.5% of your AGI. Also, itemized deductions are limited for higher-income taxpayers.
- Disaster losses not reimbursed by insurance.
- Job-hunting travel and telephone expenses.
- Employment agency and job counseling fees.
- Costs for resume preparation.
- Union or professional association dues.
- Specialized work clothing or small tools used at work.
- Points paid by you on a new home loan.
- Points paid by a seller on your behalf.
- Points paid on refinancing your home mortgage (deductible pro rata over the life of the loan).
- Remaining undeducted points on a prior refinancing when you refinance again.
- Your actual expenses or 14¢ a mile for driving in doing charitable work (larger deduction if driving is in conjunction with 2005 hurricane charity work).
- Gambling losses, but only to the extent of your winnings.
- Fees paid for the preparation of your tax return. "
And an extra from me, certian legal fees.