Frequently overlooked tax deductions cost taxpayers a chance to reduce their taxable income and may result in overpayment to the IRS by hundreds or thousands of dollars. In this rough economy, individuals should be careful not to miss these 10 frequently overlooked tax deductions:
Medical expenses
Medical expenses not reimbursed by insurance or paid through a tax-advantaged plan like a flexible spending account are deductible after they exceed 7.5 percent of adjusted gross income.
State and local taxes
Personal property taxes, real estate taxes, and state and local income taxes are deductible. For state and local taxes, taxpayers are permitted to deduct either their sales taxes or their income taxes, but not both.
Charitable donations
Donated clothing and household items in condition good enough to be resold at a thrift store are likely eligible deductions. Get a receipt for charitable donations of cash and goods, or make donations by check or credit card and have the financial records serve as proof.
Job expenses
Unreimbursed job-search expenses, uniform expenses, union dues and continuing education expenses may be eligible deductions. Only employees’ business expenses, plus other miscellaneous itemized deductions in excess of 2 percent of adjusted gross income, are deductible.
Higher education expenses
Up to $2,500 of student loan interest paid may be deducted for 2009. Interest income earned on savings bonds may not be taxed when the proceeds are used to pay higher education expenses. A deduction also is available for up to $4,000 of higher education tuition and fees paid for the taxpayer, or their spouse or dependent.
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