Tax Deductions You Might Be Missing

Commonly Overlooked Deductions

Many taxpayers miss out on legitimate deductions that could reduce their tax burden.

1. Home Office Expenses

If you work from home, you may be eligible for home office deductions:

• Portion of rent or mortgage interest
• Utilities and internet costs
• Office supplies and equipment
• Depreciation on home office space

2. Professional Development

Expenses related to improving your skills are often deductible:

• Course fees and tuition
• Books and study materials
• Conference and seminar costs
• Professional association memberships

3. Medical Expenses

Don't forget about medical deductions:

• Prescription medications
• Medical equipment
• Travel for medical treatment
• Health insurance premiums

4. Charitable Contributions

Keep records of all charitable donations:

• Cash donations
• Donated goods
• Volunteer expenses
• Mileage for volunteer work

5. Investment Expenses

Investment-related expenses may be deductible:

• Investment advisory fees
• Safe deposit box rental
• Investment publications
• Travel for investment meetings

Conclusion

Consult with a tax professional to ensure you're claiming all eligible deductions.