Tax deductions are one of the ways for seniors to receive more money in their tax returns each year. By taking advantage of tax deductions, seniors will have a lower tax bill. There are many deductions, but seniors need to know which ones they will be eligible to utilize when filling out tax forms. Overlooked tax deductions are listed below. This is not a complete list, but includes some of the most overlooked deductions by seniors.

1. There are many deductions related to medical care. Expenses for medical transportation, including tolls mileage and parking can be deducted. Medical aids such as crutches and orthopedic shoes are also deductible as long as they are prescribed. Hearing aids, contact lenses and eye glasses are eligible for a deduction.

2. If you are a senior who is still working, any costs that are associated with education to improve your skills at your job may be tax deductible. Subscriptions to journals and newspapers related to the job are deductible.

3. There are also deductions for union dues, expenses pertaining to job-seeking services and cell phone bills that are required for a business. Self-employed individuals can deduct half of the self-employment taxes paid throughout the year. Self-employed premiums for health insurance are deductible.

4. There are some deductions for contributions to charities. There are also deductions for any mileage costs while travelling to a charitable activity.

Source: eldercareabcblog.com

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