The Top 10 Overlooked Tax Deductions

The Top 10 Overlooked Tax Deductions

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The top 10 overlooked tax deductions

  1. Mind the mileage– The IRS says taxpayers can deduct miles “primarily for, and essential to” medical care at 24 cents per mile. People who need to travel for regular treatments can benefit greatly. You can also deduct for miles driven for charity work at 14 cents per mile.

  2. Property taxes don’t need to be itemized– According to the Dolans, a 2008 law lets you up your standard deduction by the amount of property tax you pay ($500 max, or $1,000 on a joint return).

  3. New car excise tax– Did you buy a car between February 17 and December 31, 2015? The Dolans say “you can deduct the sales and excise taxes that you paid up to a maximum purchase price of $49,500.” It doesn’t have to be itemized!

  4. Spring forward? Fall back!– If you filed state income tax in the spring because you owed money in 2014, you can still count it towards your 2015 state return.

  5. Environmental credits– Yes, I mean going green. Heating and cooling products – as well as other energy-saving home improvements – can save you green. Saving 30 percent on up to $1,500 worth of improvements is worth your time!

  6. Sell a home in 2015?– Deductions for sale and closing costs, Real Estate agent commissions and other legal fees are available.

  7. Take the PMI deduction– New laws now make private mortgage insurance payments deductible, but only through your 2015 return. Check this out with a tax professional before it’s gone!

  8. Investors, take heed– Investment-related expenses like investment publications, financial advisor fees, mileage to go see a broker and more are available for deduction. In a similar vein, certain tax preparation expenses are deductible.

  9. Unemployed in 2015?– The American Recovery and Reinvestment Act “made the first $2,400 you receive in unemployment benefits tax free,” write the Dolans. Job search expenses may be deductible if you searched for a job in the same field. This could include agency fees, ads, postage, phone calls, travel, etc. If it all amounts to more than two percent of your adjusted gross, its fair game, say the Dolans.

  10. Childcare expenses– This credit includes daycare, nannies and more. The credit reaches as high as $3,000 for one child, $6,000 for two or more. They just have to be under 13 years old.

Remember – CONSULT WITH YOUR TAX PROFESSIONAL if you have questions!

Heather F Davidson Headshot
Phone: 609-209-7581
Dated: December 15th 2015
Views: 381
About Heather: I'm an agent whose business is built on the promise of exceptional customer service. If you are sel...

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