DEDUCTIONS THAT ARE OFTEN OVERLOOKED
                      ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^


      WORK RELATED DEDUCTIONS

      Deducting work expenses:
      -----------------------

      a- You can deduct expenses incurred for,  union dues, special work-
      related clothes  (as uniforms) residence  office  expenses  for  an
      employee,  continuing education costs not paid for by your employer
      professional dues, journals and costs incurred for job hunting.


      Job hunting expenses:
      --------------------

      a- Job hunting expenses  that are deductible include:  fees paid to
      employment agencies  and professional recruiters. Expenses incurred
      for  typing,  printing  and   mailing  out  resumes  to prospective
      employers.  Fees for  career counseling  for your present trade for
      improvement,  are deductible.  If you run advertisements  for a new
      job in the same field, those costs are deductible.

      b- Various expenses for transportation such as: your car,  a cab or
      a bus are deductible.  So are out-of-town travel expenses  such as:
      local transportation, 8O percent of your meals and lodging.

      c- You can deduct expenses  for phone calls to  possible employers,
      newspapers and business publications.

      d- You can  even deduct  business  or professional  travel expenses
      during a vacation if you can show the IRS  that the main reason for
      your trip was for business.  A safe way to go would be to keep good
      records  indicating that more  than half  of the time, visiting was
      used for business. Keep all receipts of $25.OO or more.


      AND DON'T FORGET

      Company pension plans:
      ---------------------

      a- If you  can  roll lump-sum  distribution from a  company pension
      plan into an IRA within  6O days,  no federal income taxes are due.
      But,  if you miss the 6O day deadline,  your IRA will be subject to
      income tax and a 1O% penalty fee. The same is true, for rolling one
      IRA plan, into another IRA.

      Make sure,  that the amount  that you roll over  from your  pension
      plan or your IRA account,  is the exact same amount  going into the
      new IRA plan.


      Inheritances:
      ------------

      a- Anything inherited  by a beneficiary, is not subject  to federal
      income taxes.

      b- Any property that has increased in value  when you inherited it,
      would be taxed  on its  "stepped-up" estate value,  rather than its
      original cost, if you sell the property.
      

      MISCELLANEOUS DEDUCTIONS:
      ------------------------

      a- Estate tax planning fees, tax return preparation fees.

      b- Expenses incurred in the production of  investment income from
      investment council and other related matters.

      c- Auto expenses incurred while using your auto for your employer
      that is not covered by mileage or auto expense checks.

      d- Any state unemployment and  disability taxes that were withheld.

      e- Any payroll withheld charitable contributions.

      f- A portion of health insurance paid by the self-employed.

      g- Costs for printing resumes, traveling for interviews and general
      moving expenses to a new area, for employment.

      h- Costs for charitable services such as:  auto usage,  parking and
      tolls.

      i- Income-producing property, travel expenses.

      j- Investment, financial and tax matter expenses such as: magazines
      books, newsletters and appropriate financial daily papers.

      k- Seminar expenses such as: registration fees, travel, lodging and
      up to 8O% for meal costs.

      #################################################################

      All of these  deductions in this chapter  are considered to be of
      miscellaneous deductions  and are allowed only to the extent that
      they  exceed  a total of  two (2) percent  of your adjusted gross
      income, when itemizing.