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Disregarded tax deductions, nonpaying taxpayers and Mitt Romney

You can tell that the 2012 presidential campaign is in full swing. What a candidate does, or doesn't do, on his tax returns and the location of nonpaying taxpayers a candidate cited were the hot issues last week at my other tax blog.

Bankrate Taxes Blog iconMitt Romney finally finished his 2011 taxes. The Republican presidential nominee was one of millions of Americans who got an extension earlier this year in order to have a few more months to file their returns.

But Romney was probably one of the very few taxpayers who needed extra time to decide not to claim all the tax deductions to which he was entitled. In order to keep his effective tax rate around 14 percent, the GOP candidate opted to ignore around $1.75 million in charitable deductions.

Yep, elections do make some people do crazy things.

Then there are those Americans who don't have to file a federal tax return for variety of reasons. A look at where they tend to live revealed that most of the nontaxpayers are residents of southern or western (or in the case of Texas, southwestern) states.

You can always check out what I have to say about tax and, for a few more weeks, election issues at Bankrate Taxes Blog, usually each Tuesday and Thursday.

If you happen to miss my posts on those days, look for a wrap-up here the following weekend.

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If for a particular tax year the "income used at finalisation" is lower than the actual final income you gave them, then they have applied the disregard and just not used the word "disregard". It may be worth asking for a call-back from a supervisor at tax credits with a request to talk you through the paperwork because you don't understand it. We did that when I couldn't make the figures add up.

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