Great Tax Deductions Easily Overlooked

Who knows how many people forgot — or never knew about — a deduction that could save them money? As the end of tax season is within sight, it is easy to overlook some tax deductions.  For those who have not filed they may look into including the following tax deduction.  However even if you have filed one can also file an amended return if they omitted certain deductions.  Financial guru Jean Chatzky with Arielle McGowen  talked of these incredible deductions

You filed early. Congress is notorious for making changes that don’t make the preprinted forms. Keep your eye on the newspaper and check out the IRS’ surprisingly readable website at IRS.gov.

You’re a business owner who’s not diligent about receipts. Fear of the audit police leads many people to overpay. “They don’t have the paperwork and receipts, so they don’t take what they’re entitled to,” Weltman said. “It’s absolutely worth the trouble.”

You are reinventing yourself: Education breaks are among the most missed. Check out the Lifetime Learning Credit and the Tuition and Fees deduction. If you’re improving your work skills or job hunting in the same field, you may also be eligible to claim deductions.

The depressed stock market makes it a very good time to give away money. You can give up to $12,000 a year to any person you like (a couple can give $24,000) without running into lifetime gift restrictions or gift tax.

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