Tax Tip: Most Commonly-Overlooked Deductions
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iStock/Thinkstock(NEW YORK) — In the midst of preparing taxes, there are many common things people forget they can claim as deductions.
One of the biggest deductions people overlook is the home office deduction, according to Tom Wheelwright with the CPA firm ProVision.
“You may have an office in your home that is strictly for what you do in your investing. There’s a lot of deductions available there,” says Wheelwright.
Deductions can include an air conditioning bill, heating bill and even a water bill, according to Wheelwright.
“You even get to depreciate a part of your house,” he says.
If you’re drowning in student debt, you can also deduct your loan interest. Tax experts say that’s often overlooked by people who don’t itemize their returns.
Tobie Stanger, a senior editor at Consumer Reports, said there are also some costly medical procedures that can be deducted.
“Laser eye surgery can be written off as a medical deduction. Invitro fertilization treatments also can be written off. That’s a very expensive treatment,” said Stanger.
There’s also never been a better time to kick the habit. Smoking cessation programs and patches can be deducted.
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