The Most-Overlooked Tax Deductions
Essex & Associates: :www.essexinc.biz January 10, 2011
Greetings!
Missed tax deductions are very costly. About 48 million taxpayers itemize on their 1040s — claiming more than $1 trillion worth of deductions.
Tax time is a financially dangerous time. It's all too easy to miss a deduction and pay too much. The IRS will admit that millions of taxpayers overpay their taxes every year by overlooking deductions.
To help minimize your taxes, please take advantage of the following most-overlooked deductions:
1. State sales taxes.
2. Reinvested dividends. This isn't really a tax deduction, but it is an important subtraction that can save you a bundle.
3. Out-of-pocket charitable contributions.
4. Student-loan interest paid by Mom and Dad.
5. Job-hunting costs.
6. Moving expenses to take your first job. And you get this write-off even if you don't itemize.
7. Military reservists' travel expenses.
8. Health insurance deduction to reduce self-employment tax. The IRS has hidden this write-off on line 3 of Schedule SE.
9. Child-care credit. A credit is so much better than a deduction; it reduces your tax bill dollar for dollar.
10. Refinancing points.
11. Credit for energy-saving home improvements.
12. Additional bonus depreciation.
Wishing you many happy returns,
Wayne
Wayne T. Essex Ph.D.
Essex & Associates
Tax, Accounting, HR, Payroll
7501 Paragon Road
><> 937.432.1040 <><
