Every tax season the IRS makes a few changes that could be easy to miss...
Here are a few helpful deductions that they’re allowing on our 2011 returns:
• Medical Deductions: Acupuncture, alcoholism and drug or nicotine addiction treatment programs, chiropractic care, eye exams, contact lenses, glasses, dental fees and dentures, psychiatric treatment and weight-loss programs for the obese.
• Casualty and Theft Losses: Fire, flood and storm damage, including hurricanes and tornadoes and replacement cost of trees and shrubs damaged by storms or fires.
• Job related: Job-related education expenses, job-search expenses, costs for preparing, typing, printing and mailing resumes, union and professional dues.
Here’s some good news for gamblers. Gambling losses are fully deductible as long as they are used to offset that year’s winnings.
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