We're just about six weeks away from April 15 and millions of us haven't even started looking at our 1040s. Yes, me too! Or neither. Whatever.
When we finally do get around to doing our taxes, the goal obviously is to owe as little as possible.
Too often, though, we overlook some tax breaks that could save us some pennies ... or more!
I just did a piece for Bankrate on 10 overlooked tax breaks. Rather than reinvent the tax wheel here -- hey! It's Saturday and the weather is finally nice in Austin! -- I'll just give you the list and let you check out the details in the story:
- Additional charitable gifts
- Moving expenses
- Job hunting costs
- Military reservists' travel expenses
- Child, and more, care credit
- Mortgage refi points
- Many medical costs
- Retirement tax savings
- Educational expenses
- Energy-efficient home improvements
Some of these are credits, which are great since they provide a dollar-for-dollar tax savings.
Others are deductions, either itemized or above-the-line adjustments to income, which will help lower the amount of money upon which you must figure your tax bill. Less taxable income usually means less taxes due.
And yes, some have income limits or other restrictions, so few of us will be able to use all 10.
But here's hoping that at least a few of these will help shave a few dollars off your IRS bill.
And be sure to check out the links below for even more tax-cutting opportunities.
- Don't miss these 10 overlooked tax breaks (Bankrate)
- 7 new tax laws that could save you money
- Deduct your sales taxes
- House hunting? Check out tax credit
- Improve your home
- Deductions for nonitemizers
- Year-end Money Moves: Giving
- Volunteering: Can the tax man giveth, too? (Worth, austinwoman)
- Some credit card fees are now deductible
- New forms this filing season
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