Rushing to get income tax filing over as soon as possible isn’t always the best option without considering various factors to reduce taxable income. The tax code is famous for its outrageous list of rules and regulations. Here are some reminders of the uncommon and missed tax deductions to consider deducting this year. Similar information and much more can also be found on the IRS website. Please refer to the IRS for more detailed information or speak to an accountant.

Payback for the Daily Grind

Many have heard of deducting un-reimbursed travel expenses and office equipment, but today resume copies, computers and other work related expenses can be deducted too. This is a more popular trend in light of the recession. So take advantage if possible. What may be deductible is surprising. Union dues, licenses and medical examinations prior to employment may also be included.

Education

Deducting expenses for education can be a good option, if the education either maintains or improves skills required for work and/ or is required by an employer. This means expenses for tuition, books, supplies, laboratory fees, similar items, and certain transportation costs could be deducted. BUT, the IRS states deductions related to education cannot be made, if the education is either needed to meet the minimum requirements to qualify someone in a trade or business, or is part of a program of study that will lead to qualifying them in a new trade or business, (such as an apprenticeship or internship program, for example).

Take Two of These

The unusual medical deduction of a home pool to treat a knee problem has become a favorite among some tax attorneys and accountants. Often a medical deduction can be discovered in an uncommon place. Other famous medical deductions in recent years included air conditioners for breathing conditions, chiropractic treatments, diet-dinners, home remodeling and gym memberships (approved by the doctor of course). Some people may be able to deduct those prescriptions and other medical costs on their returns.

Rolling the Dice

Gambling losses up to the amount of gambling winnings are tax deductible. This means that someone who gambles must report the full amount of his/ her gambling winnings for the year on the tax Form 1040, line 21. The IRS states that deducting gambling losses for the year can be done one on Schedule A (Form 1040), line 28. However, someone cannot deduct gambling losses that are more than his or her winnings.