Answer - No, you can only count out-of-pocket costs of prescription drugs bought in the U.S. to the extent your total un-reimbursed medical costs exceed 7.5% of your adjusted gross income.
Question 2 - Is the interest owed to the IRS deductible?
Answer - No, there is no deduction for personal interest, such as interest owed to the IRS or interest on car loans and credit cards. But home mortgage interest, investment interest, and interest on business loans ARE deductible.
Question 3 - Can you deduct job hunting expenses?
Answer - Yes, job-hunting expenses incurred while looking for your first job are not deductible. The cost of hunting for a new job in the same line of work, though, is deductible.
Question 3 - Are your safe-deposit box fees deductible?
Answer - Yes, you can deduct such fees if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents -- not personal items or tax-exempt securities
Question 4 - Can you take a deduction for alimony expenses?
Answer - Yes, you can take a tax deduction for making the payments, even if you don't itemize your deductions. The IRS won't consider the payments to be true alimony unless they are made in cash and spelled out in the divorce agreement.
Question 5 - Can job-related moving costs provide another deduction?
Answer - Yes, if a new job is at least 50 miles farther away from your old house than your old job was, then you can deduct the cost of moving. First job? you can claim this tax saver as well, regardless of whether you itemize deductions.
If you are interested in more tax information check out these sites...
IRS Help 4 You
Tax Consultant Blogs
Brain's Blog
Ashley's Tax Blog
IRS Minds
IRS NEWS
Effectur
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