Dont Overlook common missed Tax savings deduction | | Bay Business Group LLC
Don't overlook tax-saving deductions If you itemize deductions on your tax return, every additional deduction you find will save you money. In the past, higher-income taxpayers had their itemized deductions limited. Effective for 2010, 2011, and 2012 tax returns, there is no income-based reduction in total itemized deductions. That may give higher-income taxpayers another reason to track their deductions carefully. Here's a sampling of often-missed deductions. * Disaster losses not reimbursed by insurance. * Job-hunting travel and telephone expenses. * Employment agency and job counseling fees. * Costs for resume preparation. * Union or professional association dues. * Specialized work clothing or small tools used at work. * Points paid by you on a new home loan. * Home mortgage points paid by a seller on your behalf. * Points paid on refinancing your home mortgage (deductible pro rata over the life of the loan). * Remaining undeducted points on a prior refinancing when you refinance