How to Save Money With Frequently Missed Tax Deductions

Expand the description and view the text of the steps for this how-to video. Check out Howcast for other do-it-yourself videos from carlo_scialla and more videos in the Tax Returns category. You can contribute too! Create your own DIY guide at www.howcast.com or produce your own Howcast spots with the Howcast Filmmakers Program at www.howcast.com Make sure you’re keeping every penny you can! Here are some legitimate deductions that filers often miss. To complete this How-To you will need: Mileage calculations Receipts Step 1: Deduct your taxes Deduct your state, local, and foreign income taxes, and non-business property taxes. Experts say taxpayers often forget that these are deductible. Step 2: Track your mileage Calculate mileage related to medical needs for you and any dependents, like trips to the doctor and pharmacy. Mileage pertaining to charitable works is also deductible, as long as the organization is a 501©3 non-profit. Tip: Keep receipts for everything you take as a deduction; if you’re audited, anything you can’t document won’t be allowed. Step 3: Write off job-hunting expenses Deduct expenses related to a job search as long as you’re seeking a position in the same field as your current field. Step 4: Cut your gambling losses Cut your gambling losses: If you won more than 0 gambling, but your losses exceeded those winnings, you may deduct the amount you won. Tip: You must be able to prove your losses, so save receipts from trips to the casino and lottery …

Learn About the New 2009 College Tax Credit

Is college tuition in the future for you or your kids? The American Opportunity Tax Credit extends bigger financial benefits to college-tuition paying middle-class families. Married couples making up to 0000 per year combined, and individuals making up to 000 per year, can claim benefits in 2009 and 2010. For more information, please visit: turbotax.intuit.com