Most Overlooked Tax Deductions

Each year, the IRS announces the most common blunders that taxpayers make on their returns. One of the most prevalent – every single year – is forgetting to enter Social Security numbers on the top of returns, so double-check those forms!

Another yearly occurrence done by millions of taxpayers is overpaying their taxes by overlooking money-saving deductions. Don’t give up your hard earned money, make sure you know about the potential deductions available to you:

1. State sales taxes.

2. Reinvested dividends.

3. Out-of-pocket charitable contributions.

4. Student-loan interest paid by Mom and Dad.

5. Moving expenses to take your first job.

6. Military reservists’ travel expenses.

7. Child-care credit.

8. Estate tax on income in respect of a decedent.

9. State tax paid last spring.

10. Refinancing points.

11. Jury pay turned over to your employer.

12. Property-tax deduction for nonitemizers.

13. Casualty-loss deduction for nonitemizers.

14. Hope credit for college juniors and seniors.

15. Making Work Pay credit.

16. Sales-tax deduction for new vehicles.

17. Credit for energy-saving home improvements.

18. Break on the sale of demutualized stock.

19. Home-buyer credit.

Want more details, check out this article from Kiplinger. Have questions? Contact us at CGP and we’ll be happy to help you ensure your finances are protected.