Tax Advice - Personal Finance

Don't miss these most-overlooked deductions, credits - Financial - Financial Services - Personal Finance: "With a tax code thousands of pages long, it's no wonder Americans miss out on hefty sums every year in the form of missed deductions and credits."
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"In 2002, the then-named General Accounting Office, Congress's investigative arm, found that taxpayers who could have itemized but didn't sacrificed $945 million, or about $438 per taxpayer on average.

And these days, even nonitemizers need to pay attention, as the number of above-the-line deductions grows, including the teachers' expense deduction for $250, the student-loan interest deduction of up to $2,500 and the higher-education tuition deduction up to $4,000.
Taxpayers need to watch out for overlooked credits too.

"The difference between a deduction and a credit is monumental. A deduction simply reduces your taxable income. A credit is a dollar-for-dollar offset against your tax liability," said Mark Steber, vice president of tax resources at Jackson Hewitt, a tax-services provider. Credits "have a much greater impact on your bottom line," he said.
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"...While we may know we're missing them, we don't always know where to look. Jog your memory with the following list of often-overlooked deductions and credits.''
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