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Title: Tax Tips:frequently Overlooked Deductions Post by: anand369 on August 25, 2008, 05:33:32 PM Don't you love beating the IRS? We get a perverse pleasure from not paying taxes, so we put together some tips to help you pay less to the IRS.
* Points you pay for a mortgage or loan for improvement of your home. * Unemployment and disability taxes your state withholds. * Expenses related to seminars you attend for business purposes.Deductible items include registration fees, travel, lodging and 80% of the cost of your meals. * Travel expenses you incur when checking on income-producing property. * Cost of telephone, postage, office supplies and automobile operation (trips to and from broker). * Books, magazines, and newsletters on investment, financial, or tax matters, including appropriate daily papers (e.g., The Wall Street Journal, The New York Times). * Out-of-pocket expenses incurred in changing jobs. Include the cost of printing résumés or traveling to an interview. * A portion of health insurance for the self-employed. * Deductible items on December credit card statement, even if paid in the following year. * Medical expenses. * Charitable contributions. * Miscellaneous business expenses. Remember: You can only deduct business and miscellaneous deductions if they exceed 2% of your adjusted gross income. |