Tax time is here. A time of year that causes stress for many and believe it or not many taxpayers overlook some seemingly obvious deductions. Here are some of these items to keep in mind:
Vehicle Expenses: taxes, leases, business and volunteer milegae expenses .
Job Hunting Expenses: Expenses incurred to secure a new job .
Real Estate Taxes: If you purchased a home, check your settlement statement and check your mortgage escrow statement for any taxes paid indirectly.
Cost of Tax preparation: Tax Software and professional tax preparation fees are deductable.
Estate Tax: If the Estate is large enough to trigger estate tax, find out the amount of estate tax attributable to the IRS distibution.
Capital Loss Carryover: If you have Capital Loss from one year carryover to reduce your taxes in the later year.
Non-Cash Contibutions: Donations of clothes,furniture or other items to a charity.
New Points on Financing: Lots of people miss this one. Unamortized points on an old financing.
Health Insurance Premiums: These are potentially deductable depending on your total medical expenses and adjusted gross income.
Always check with a trusted tax professional or go to www.irs.gov for more information or information regarding a specific deduction.
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