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Tax Deductions and Credits that are often missed

Tax filing season for calendar 2016 opened on January 20, 2017. Here is a list of tax deductions and credits that are often missed by taxpayers because they were not aware that the expenses qualified for a tax deduction or credit.

Medical Related

(Total expenses must exceed 10% (7.5% if age 65+) of Adjusted Gross Income to be deductible) 1. Alcoholism and drug abuse treatment 2. Contact lenses, eyeglasses and hearing aids 3. Long-term care insurance premiums 4. Medical transportation costs, including the standard mileage rate of 23 ½ cents 5. Lodging expenses incurred for medical reasons

Employment Related

1. Costs of looking for a new job in your present occupation 2. IRA deduction for contributions made after the end of 2014 but before April 15, 2015 3. Employee’s moving expenses 4. Education that is work related 5. Unreimbursed employee expenses, such as license fees, business subscriptions 6. Health care insurance premiums and 50% of self-employment tax for self-employed 7. Medicare premiums paid by the self-employed 8. Simplified Employee Pension (SEP) IRAs for self-employed

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