Tax Time is Here

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Tax time is almost here, and I thought some helpful information was needed to help with tax preparation.  Recently, I found an article on The 11 Most Overlooked Tax Deductions.

In these trying times, I do not think any of us want to overlook anything dealing with money so enjoy the article by click the link above.  I do not want my readers to “short change themselves” by not realizing all of their deductions.  According to the article, in 2008 if you turn 65 “you deserve a bigger standard deductions than younger folks”.

The article goes on to state that overlooking these eleven tax deductions may lead to taxpayers paying too much taxes.  The eleven deductions are:

• state sales taxes
• reinvested dividends
• out of pocket charitable contributions
• student loan interest paid by mom & dad
• moving expense to take your first job
• military reservists travel expense
• child care credit
• estate tax on income in respect of a descendent
• state tax paid last spring
• refinancing pints
• jury pay paid to employer

In addition, the article continues on to state four more often missed deductions that will affect your bottom line.

Those deductions are:

• recovery rebate credit
• double hope and lifetime learning credits (big one, see article)
• <a href=”www.taylorbrownrealestatetalks.com”>property taxes</a> deduction for non-itemizers (big one here in Indiana)
• casualty loss deductions for non-itemizers (big one here due to recent storms)

Over the next, couple of weeks I will give more details on the often overlook deductions that I think are heavy hitters to your bottom line, so stay tuned.

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Originally posted 2009-02-19 08:00:13. Republished by Blog Post Promoter

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