Money Hacks

JLP at All Financial Matters has compiled a list of fifty easily overlooked tax deductions.

Last night I was looking through The Ernst & Young Tax Guide 2007. For those of you who may not be familiar with the Ernst & Young Tax Guide, it is a HUGE (over 700 pages) book that covers the federal income tax in detail. Basically, the book is IRS Publication 590 in an expanded version with lots of tips, tricks, and other cool stuff. That said, here’s a list of the fifty most easily overlooked deductions in alphabetical order (you’ll have to consult the Guide for more information on each deduction).

Among the more common things that people might be able to deduct are:

• Accounting fees for tax preparation services and IRS audits
• Casualty or theft losses
• Commissions and closing costs on sale of property
• Contraceptives, if purchased with a prescription
• Dues to labor unions
• Home improvements
• Subscriptions to professional journals

The complete list is fifty items long, though there’s no additional information on each item other than the fact that it may be tax deductible.

[All Financial Matters: 50 of the most easily overlooked tax deductions]