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TAXES

08 Feb

Thought this might help a few people.

Not-so-obvious deductions to consider
  • Mortgage Points (If you refinanced or got a new mortgage.)
  • Prepayment Penalties (If you satisfied an existing mortgage.)
  • Accrued Real Estate Taxes (If you purchased a new home during the year and paid partial year real estate tax.)
  • Medical Expenses (You can deduct expenses that exceed 7.5% of your AGI. This may include health insurance premiums you pay directly, co-pays, prescriptions, lodging for medical purposes, prescription eye glasses or contact lenses, crutches, wheelchair, dental expenses, physical therapy costs and more.)
  • Long-term Care (A portion of long-term care insurance premiums can sometimes be deducted. Some states allow you to deduct premiums for long term care insurance.)
  • Home office expenses (you MUST use the allocated space in your home as your primary office. You can not use the space for domestic home needs. Your employer can not provide a space for you at work.)
  • Education Expense (You can deduct up to $2500 of the interest on a student loan for yourself or your dependents.)
  • Child Care Expense (You can deduct up to $3000 of child care expenses for a child under 13 while you worked full-time.)
  • State or Sales Tax (If you purchased a car, boat or other expensive item; you may be able to deduct your sales tax cost. IRS allows you to deduct either state income tax or sales tax, whichever is higher. If you live in a state with no income tax, you can deduct all your sales tax for the year.)
  • Work-related Expenses (You can deduct non-reimbursed work related expenses that add up to more than 2 percent of your AGI.)
  • Employment Search (If you were job hunting, you can deduct expenses for resume preparation, copies, postage, phone, travel, employment agency and job counseling expenses.)
  • Continuing Education (If your continuing education is job related and helps maintain your position at work, you can deduct the education expense. If your education expense is to help you get a new job, the expense is not deductible.
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    Posted by on February 8, 2009 in Helpful

     

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