Let's look at some more often overlooked deductions:

More Overlooked Deductions

  • Adoption expenses (limits apply) and foster care expenditures.
  • Education expenses needed to maintain or improve skills related to profession.
  • Cost associated with looking for job in your occupation including resume preparation, consultation, travel, meals, etc.
  • Cellular telephone use related to business.
  • Appraisal fees to value casualty loss or donation to charity.
  • Cost of childbirth classes related to obstetrical care.
  • Tuition and fees for special training for a disabled dependent.
  • Handrail and other home improvements to ease disabled access.
  • Impairment work expenses for a disabled person.
  • Drug and alcohol abuse program cost/travel.
  • Legal fees relating to collection of or reduction of alimony.
  • Investment advisory and trustee fees.
  • Contact lenses, eyeglasses, hearing devices, including batteries, supplies, and insurance.
  • Elect the business equipment expensing option of $500,000 in 2013 and $25,000 in 2014.
  • Cash basis is permitted for all taxpayers (except C corporations) with gross receipts under $5,000,000.
  • If married, consider filing your tax return Married, Filing Separately. When both individuals are working, it is sometimes beneficial.
  • Auto and Energy Credits.

The above list is far from all-inclusive and is not a full treatise.  A tax professional should be contacted to determine if your specific circumstances permit these deductions.  Please contact us for assistance in identifying and implementing the best strategies for you.

We invite you to also check out more tax savings ideas and tax tips for business owners.

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