Missed Tax Deductions
You had your taxes done a few weeks ago and now your are realizing a few deductions that you forgot. Here is a list of the five most common missed tax deductions. Non-cash donations – did you donate to Goodwill, clothing or furniture and you have the receipt for that donation. Points on refinancing – if you were one of the thousands who refinanced their homes this last year, you paid points for that lower interest rate.
Educator expense – if you are a teacher, principal, aid or instructor you are allowed up to $250 for any classroom material you bought yourself. This includes computer equipment, books and supplies. Investment and Tax costs – investment advice and tax planning are both deductible under miscellaneous. This includes safe deposit box fees, fees to legal and accounting help as well as investment advisors.
College saving – this one depends on where you live but contributions to saving plans might be deductible. This is a state return deduction only, many people fail to remember this one.
