Commonly Overlooked Tax Deductions

Less than two weeks left until you need to mail off the old tax return (you have until April 17 this year, due to the weekend). If you haven't sent yours in, it's time to go over your return and make sure everything is in order. And to double check your list of tax deductions. Here are five tax deductions that are commonly overlooked on many a tax return.

Subscriptions to professional journals and trade magazines. The IRS recognizes that in many fields it is important to stay up to date. If you subscribe to a trade magazine or professional journal that relates to your job, you may be able to deduct the expense from your taxes. Note that it can be an online journal or trade magazine. I have an online subscription to a news service that helps me find ideas and news in the industries I blog about. Be careful, though! This tax deduction is meant only for materials that help you in your current job.

Cell phone use. Many people don't realize that cell phone costs they incur for work can be tax deductible. If you are required to carry a cell phone for work, and your workplace does not reimburse you for the cost, you are allowed to deduct a portion of the cost of the phone. Additionally, if you pay for minutes that you use for work, those might be tax deductible as well.

Expenses as a result of charity work. Not only is it possible to deduct contributions of goods and money given to charity, but you can also deduct expenses you incur while doing charity work. When you buy items for a charity fund-raiser you can deduct that (save the receipt and an acknowledgement from the charity of your purchase!). You can also deduct mileage driven while working on behalf of a charity. All of this goes on Schedule A of Form 1040.

Business tools. If you buy tools for your work, part of it is tax deductible. This includes computers, office equipment, construction tools and other things you need for the proper function of your business. And you can depreciate them if you use them for another year or two.

Job training costs. Many people know about the Hope credit and the Life Long Learning credit. However, most people do not realize that tax deductions are available for education related to improving job skills, knowledge or performance. As long as you are training for improvement for your current job (sorry--no education deduction for a new job!), you can deduct a portion of your education expenses.