10 tax deductions that are oft overlooked

Because you deserve a bigger tax refund

Regardless if your tax returns are usually easy, or if you have to learn calculus to get through them, there are tricks and tips for everyone to make things better. You won’t need online loans to get them, and you won’t need to get tax refund loans either. You’d be much better clicking that link and applying for online loans.

Here are the top 10 overlooked tax deductions

Thanks to a recent WalletPop article, everyday consumers like you and me can get a bigger tax refund. Here are the highlights from a fine piece by Ken and Daria Dolan that I’d recommend you check out. Just remember that I’m not a professional tax adviser. Any questions should be directed at a certified 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 who need to travel for regular treatments can benefit greatly. 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 doesn’t have to be itemized!
4. Springing forward? Fall back! – 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. Green credits – Yes, I mean going green. Heating and cooling products – as well as other energy-saving home improvements – can save you green. Saving 30 percent on up to $ 1,500 worth of improvements is worth your time!
6. Sold a home in 2009? – Deductions for sale and closing costs, Real Estate agent commissions and other 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. Unemployed in 2009? – The American Recovery and Reinvestment Act “made the first $ 2,400 you receive in unemployment benefits tax free,” write the Dolans. Expenses incurred searching for a job are deductible if you searched for a job in the same sector. 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 is up to $ 3,000 for one child, and up to $ 6,000 for two or more. The deduction stops applying at 13 years of age.

Remember – CONSULT WITH YOUR TAX PROFESSIONAL if you have questions!

Oh, and avoid tax refund loans in favor of online loans. That’s about it.

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