10 Commonly Missed Tax Deductions

Making the Most of Uncle Sam’s Generosity

Most taxpayers probably know that the key to getting the best possible refund (or at least the lowest possible tax burden) is to milk the deductions to their absolute maximum, taking advantage of every single one for which they qualify. But the more complicated process of itemizing deductions doesn’t really pay unless the total you can deduct exceeds the Standard Deduction for your filing status – $5,800 for single filers or married taxpayers filing separately, $11,600 for married couples filing jointly and for qualifying widow(er)s, and $8,500 for those filing as head of household. The additional standard deduction for people 65 or older and/or blind taxpayers are $1,450 for single and head-of-household filers and $1,150 for married filers (joint and separate) and qualifying widow(er)s. As a general rule, remember that medical expenses are only deductible to the extent that the total exceeds 7.5% of your Adjusted Gross Income, and most Miscellaneous Deductions are allowed only to the extent the total exceeds 2% of AGI. If you’re one of those taxpayers who will benefit from itemizing your deductions on Schedule A, don’t forget the following 10 often-overlooked deductions. Photo Credit: Getty Images


Back to Top