Below is a list of some of the top tax deductions that are often overlooked. Many of these common deductions have limits and qualification rules, so don’t assume any entitlement. Review the list and look into any of the items that sound like they may apply in more detail. Also remember that the rules change often. Some of these items were often overlooked in prior years, but have become easier to spot on the latest forms. Others may have reduced benefits, or none at all, compared to previous years. Even if you do qualify for the deduction, some are either/or, meaning that an alternative deduction might be more valuable. If nothing else, you’ll be aware of these items when the relevent section of Turbo Tax is reached, or when you discuss deductions with your accountant or tax preparer.

Here’s the list for 2008:

• Home improvements for medical reasons
• College tuition
• Worthless stocks
• Theft or embezzlement losses
• Long term care insurance premiums
• Points on a home mortgage and some refinancing
• Military Reservist travel expenses
• Estate tax on income from inherited assets
• Prescription contraceptives
• Moving expenses to relocate for your first job
• Jury duty pay handed over to your employer
• Contact lenses, eyeglasses, and hearing aids
• State taxes on personal property, such as cars and boats
• Student loan interest paid by your parents
• Gambling losses, up to gambling wins
• Some IRA trustee administrative fees
• State sales taxes
• Prior year state tax payment
• Incidental charitable contributions
• Child-Care credit
• Classroom expenses for teachers and their aides