Well, we're now on the countdown to April 15. Isn't it about time to rev up the tax-related posts? ;-)
We'll start the season with this one from Kiplinger's that lists the 11 most overlooked tax deductions as follows:
1. State sales taxes.
2. Reinvested dividends.
3. Out-of-pocket charitable contributions.
4. Student loan interest paid by Mom and Dad.
5. Moving expense to take first job.
6. Military reservists travel expenses.
7. Child-care credit.
8. Estate tax on income in respect of a decedent.
9. State tax you paid last spring.
10. Refinancing points.
11. Jury pay paid to employer.
I think the reason these are "the most overlooked" is because they don't apply to many people. Then again, if they do apply to you, you might not catch them because you wouldn't know about them. To me, this is just another reason to use a CPA to do your taxes -- they'll ask the right questions to identify these issues (and thus end up saving you money you might have missed otherwise.) This said, you still need to know at least the basics of what deductions might apply to you even if you do have someone prepare your taxes.
And for those of you itching for more on taxes (and I know many of you are!), here are a few more tax-related posts for your reading enjoyment:
Happy tax season!!!!! ;-)
If you have 2 or more of these, you should probably consult a professional. I don't think the $50 software/online DIY tax tools will help with these. Child care and student interest are still straight forward enough, but reservist travel expense or refinancing points? Don't think those are covered.
Posted by: thomas | January 16, 2009 at 01:11 AM
I have a question, can I "write-off" all my bank fees on my taxes ??? It has been a rough year and I accumulated aprox- $10,000 in various bank fees !!! (EX- nsf , over-draft , service , return check fees ,etc...)
Posted by: John | January 27, 2009 at 06:14 PM