Last-minute tax tips, deductions and forms for 2015 tax day

Originally published on Newsday, April 13, 2015.


iStocks

Here are last-minute tax tips, deductions and forms for 2015 tax day, which is on April 15.

Money Expenses

If you relocated in the past year due to a change in your job or business location, or because you started a new job or business, you may be able to deduct those expenses. "You must meet a number of tests based on start date, relative distance and time employed," says Al Colanero, senior tax manager at WeiserMazars LLP in Woodbury.

Maximize Medical Expenses


iStocks

There's a lot of latitude with medical expenses. You can deduct the cost of a hot tub if you have a prescription from your doctor as a medical necessity, says John Gregory, founder of 1040Return.com. The cost of laser eye surgery is allowed because the surgery “meaningfully promotes the proper function of the body. "

Money Management Pays Off


iStocks

If you subscribed to an investment newsletter, paid a financial adviser to review your retirement plan or had an attorney prepare a living will or trust, you can deduct these expenses, says Michael Atias, tax director at Online Trading Academy in Irvine, Calif.

Capitalize on Camp


Getty Images

Your kids had a blast at camp. Good news: The Child and Dependent Care Tax Credit applies to qualifying day camp expenses -- up to $6,000 of dependent care expenses if you have two or more dependents (up to $3,000 for one dependent).

Note Your Health Coverage


AP/Jon Elswick

Tax returns need full disclosure on health coverage. While some of it can get confusing, most people will only need to check a box on their federal tax return stating they were covered for all of 2014. Ask a tax professional for help.

Work Has Rewards

You can deduct work-related expenses not reimbursed by your employer, including uniforms, if they exceed 2 percent of your adjusted gross income, says Jeffrey Hoops, assistant professor at Long Island University in Brookville.

Over 100,000 Lessons from the Pros readers. Check out last week's issue.

Free Class