Tax Time is Here
Posted By admin on January 18, 2010
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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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