| Often Overlooked Income Tax Deductions |
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There are many deductions available for different situations that people don’t realize. Although many of these items listed will not pertain to you, you may find something that does which you did not realize. You may also know someone who may qualify that doesn’t have a clue. Did you know that
home improvements that are medically necessary can be tax deductible? You may qualify to deduct items such as cabinet modifications, ramps and other medically necessary alterations. Other medical expenses you may qualify with include acupuncture, alcoholism and nicotine/drug treatments, chiropractic care, contact lenses, certain cosmetic surgeries to correct deformities (as well as congenital conditions or disfigurement) non cosmetic dental costs, eye exams and glasses, wheel chairs or other medically necessary furniture including mattresses prescribed for arthritis, telephone items for the deaf, weight loss programs for the obese, seeing aids for the blind including Seeing Eye Dogs, psychiatric treatments, medically necessary lodging for patient and companion and other medically necessary items. Qualifying of course depends on your personal, medical and tax situation. Call us at 625-0015 to see how a situation may apply to you.State and local taxes are deductible including property tax & sales tax. Of special note are sales taxes spent in 2006 on a new vehicle, boat, mobile home or building materials. Co-op owner’s proportional share of property taxes and mortgage interest paid by the association are deductible. Qualifying education loan interest, mortgage interest, certain investment interest and financing points paid are deductible. Casualty and theft losses as well the cost of trees and shrubs losses incurred by storm and fire damage can allqualify for deductions. Charitable contributions (although more limited than they use to be) still qualify. If a cash contribution is $250 or more you must have documentation from the charity. Auto expense (computed at 14 cents per mile) for driving related to volunteer activities plus tolls and parking fees are deductible as is the fair market value of household items and clothes donated. An appraisal is required if the items value is over $500. A gift of an appreciated stock or other capital gains property is deductible. So is the contribution of motor vehicles boats and planes based on the price the charity sold it for. There are military deductions too including the non-reimbursed travel costs for members of the National Guard and reservists traveling 100 miles or more from home. Military families also get a full exclusion of child care costs paid by the military. Teachers can deduct supplemental classroom expenses that are un-reimbursed. If you happened to win a lot of money, properly documented gambling loses can be used as an offset to your winnings. Accounting, tax preparation, certain legal fees, job related education, many job search expenses, are deductible. Of course there many more deductions you might be able to take advantage of. Some deductions and based on a percentage of your gross income and/or are situation specific. If you have a question about what deductions you may qualify for call Kazwell at 625-0015. We will be happy to help. Originally published 2/07 
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Often Overlooked Income Tax Deductions There are many deductions available for different situations that people don’t realize. Although many of these items listed will not pertain to... © 2010 - Kazwell.com Powered by QuoteThis © 2008 Related Articles
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