Questions About 1099

10 Overlooked tax deductions

Because you deserve a bigger tax refund

Whether your tax return is a piece of cake or you have a lot of balls to juggle in order to get the numbers to work, there are always tips and tricks that can make things better. They don’t require online loans, and they most certainly do not require you make the mistake of apply for tax refund loans. You’d be better off with online loans.

The following are the Top 10 tax deductions that go overlooked by taxpayers

Thanks to a recent WalletPop article, everyday consumers like you and me can get a bigger tax refund. Here are some highlights from a post by Ken and Daria Dolan that I would recommend highly. I am in NO WAY a tax professional. Questions should go to a tax professional.

1. Keep an eye on mileage – The IRS says taxpayers can deduct miles “primarily for, and essential to” medical care at 24 cents per mile. People that have to regularly travel for regular treatments can benefit well. 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, 2009? According to the Dolans, “you can deduct the sales and excise taxes that you paid up to a maximum purchase price of $ 49,500.” It also need not be itemized!
4. Springing forward? Fall backwards! – If you filed state income tax in the Spring because you owed money in 2008, you can still count it towards your 2009 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. If you can save up to 30% on up to $ 1,500 in improvements, it’s worth the time!
6. Sell a home in 2009? - Deductions for closing costs and sales, real estate agent commissions and for legal fees are available.
7. PMI deductions – New laws now make private mortgage insurance payments deductible, but only through your 2010 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. Were you unemployed in 2009? – 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 can mean ads, agency fees, postage, travel, phone calls, and so on. If it all amounts to more than two percent of your adjusted gross, it’s 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!

You might also steer clear of tax refund loans and consider online loans if you’re in a crunch. That is all.

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