Don't Miss These IRS Credits and Deductions

No one wants to pay the Internal Revenue Service more of their hard earned money than they must. That is why it is particularly important to be sure that you take advantage of all the credits and deductions to which you are entitled when filing your taxes. Here are a few to remember.

Be certain to research whether you qualify for a child-care credit. Many parents face high costs regarding childcare for their children. Childcare credits are designed to help offset these costs. Even if you are in a reimbursement program, you could still qualify. Check this credit out in detail in order to determine if it is applicable to your situation.

The expenses of job hunting can be deducted from your taxes. If you have found yourself searching for employment, you can deduct those expenses. Also, if you have to relocate more than fifty miles away for a job, you can deduct moving expenses.

Everyone receives a deduction for health insurance payments. If, however, you are self-employed, you can deduct one hundred percent of your health insurance costs.

Non-monetary gifts to charities are tax deductible. If you give clothing, furnishings, household goods, or any kind of material possession to charity, ask for a receipt. These non-monetary donations are tax deductible.
The cost of filing your income tax return is tax deductible. This is a commonly missed deduction. The deductions will be for last year's return, so save any cost documentation from a tax professional who filed your returns, e-filing costs, or software expenses.

If you were the victim of a fire or natural disaster, you may qualify for casualty deductions. You can check out the Internal Revenue Service website for details.

If you have an office at home that is the primary site of your business, you may qualify for home office deductions. These deductions come in especially handy if your business is just beginning.

There are several types of deductions for business travel expense. If you drive a particular vehicle, (delivery van, pick up truck) primarily for business purposes, you may be able to deduct gas expenses to and from jobs, along with repair and maintenance costs of the vehicle. Beyond vehicle expenses, you might be able to deduct things like air travel, car rental, and lodgings as part of your business travel expenses.
Depending on the state in which you live, you may be able to deduct state sales or income taxes.

Do you want to be IRS more than what is due? Never! However by mistake you may not claim those deductions, exemptions or credits which would have reduced your tax liability. How to take precautions to avoid such mistakes? Chintamani Abhyankar explains.

Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.