A colleague of mine, Adrienne Carlson, forwarded me a link to her latest blog post, “The Ten Most Obscure Tax Deductions You Should Be Using this Year” and it’s worth the read:
There are tax deductions out there for just about everyone imaginable. Unfortunately, many of them go underreported because few people are even aware of their existence, leaving a multitude of extremely valuable write offs going completely overlooked every year. The following tax deductions and credits remain some of the most commonly forgotten on return forms, but also some of the most lucrative as well. Take advantage of these whenever possible to ensure the most thorough and financially gratifying tax return possible.
- 1. Fees for tax preparation and financial planning
2. Safety equipment for work
3. Exchange students, adoption, and foster care
4. Interest on savings bonds
5. Local and state income tax
6. Charitable contributions that aren’t cash
7. Health insurance premiums
8. Owning a hybrid vehicle
9. Higher education
10. Saving for Retirement
For more information on the above deductions, you can read the complete blog post here.