Tax Tip of the Week
900 N. Kings Highway, Cherry Hill, New Jersey 08034
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215.563.0276 ·
Fax: 856.667.3652
For the week of
January 3, 2000
Watch for these most-often-missed tax 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.
Often-missed deductions:
- An uncollectible debt (the debt must be a valid one that you have actually made serious attempts to collect).
- 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 first refinancing when you refinance a second time.
- Your actual expenses or 14 cents a mile for driving in doing charitable work.
- Gambling losses, but only to the extent of your winnings.
For assistance in identifying all the deductions to which you are entitled, contact our office. We are here to help you pay the lowest tax allowed under the law.
Click here to view previous tax tips.
"Tax Tips" are published weekly to
provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders,
and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation
without further details and/or professional assistance.
If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list
to receive other tax-cutting information from time to time, please contact our office. We're here to help.
