If you're still working on your 2011 Form 1040 or are about to dive into that task any day now, make sure you maximize your tax breaks.
You'll have to click over there for details, but here are the highlights:
- Charitable donations other than cash
- Moving expenses
- Job-hunting costs
- Military reservists' travel expenses
- Child care credit
- Points to refinance your mortgage
- Medical costs
- Retirement tax savings credit
- Educational expenses
- Home energy efficiency upgrades
Some of these tax breaks require you to itemize. They are charitable donations, looking for a job, refi points and medical costs.
Most people, however, claim the standard deduction. If that's you, you're in luck since six of the write-offs are available to itemizers and standard deduction claimants alike. They are the child care credit, moving expenses, retirement plan credit, educational credits, home energy efficiency efforts and travel by reservists for training.
Of course, there are eligibility requirements to meet.
In some cases you'll also have to fill out extra worksheets or forms or schedules.
And you always need to have proper documentation for these and all deductions and credits you claim.
Hey, I didn't say it would be 10 easy overlooked tax breaks.
But a little extra work could pay off on your return and that's the important tax bill bottom line.
You also might find these items of interest:
- Knowing and clearing tax deduction threshold hurdles
- Volunteering is laudable, but it's not tax deductible
- Daily Tax Tips 2012: January and February
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