Most Overlooked Tax Deductions
Every year taxpayers line up to do their income tax before the dreaded April 15th Deadline. Every year taxpayers miss the most simple deductions.
- State Sales Tax- Yes we all pay this tax, every time we go to our local corner store and buy those cigars, beer or coffee, Uncle Sam got to have his cut. It make sense for those who live in state that don't impose an income tax. You must choose between income tax deduction or state sales tax. Since the income tax is burdensome its wise to choose the income tax deduction. If you purchase a vehicle, boat, house or other big ticket items you will be able to add the sales tax. The IRS has a sales tax calculator at http://www.irs.gov/individuals/article/0,,id=152421,00.html
- Reinvested Dividends- This is not really a deduction, but it is a subtraction that can save you a lot of money. Like most investors mutual fund dividends are automatically reinvested. That, in turn, reduces the taxable capital gain (or increases the tax saving loss) when you redeem shares. Forgetting to include the reinvested dividends in your basis results in double taxation of the dividends once when you receive them and later when they're included in the proceeds of the sale. Don't make that costly mistake. If you're not sure what your basis is, ask the fund for help.
- Moving Expense to take a first job- When you are burning gas, buying new interview clothing and other expense while looking for a job is not tax deductible. But the expense you incur when moving to accepted a job is tax deductible. Best part about this deduction you can get this even when you don't itemize. If you moved more than 50 miles, you can deduct the cost of getting yourself and your household goods to the new area including 24 cents per mile for driving your own vehicle for a 2009 move plus parking fees and tolls. The same holds true for any new job you take.
Published by Renee Brown
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Do you know more than 50% taxpayes miss deductions that can save them money.