Friday, March 11, 2005

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."
...

"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.
...
"...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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Read the rest for some helpful reminders.

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