Don't Miss These Tax Deductions - WSET.com - ABC13

Don't Miss These Tax Deductions

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The IRS will begin accepting millions of tax returns on Monday, Valentine's Day. As you're getting your taxes organized, don't forget some of the most overlooked deductions.

By one estimate, about 48 million of us itemize on our 1040s. Missing out on a deduction can be costly. Kiplinger.com has 19 you might overlook. Here are a few of them:

  • Job-hunting costs. If you're among the millions of unemployed Americans who were looking for a job in 2010, keep track of your job-searching expenses. Those include food, lodging and transportation if your search takes you away from home overnight.
  • Child-care credit. A credit is better than a deduction because it reduces your tax bill dollar for dollar.
  • State tax paid last spring.  If you owed tax when you filed your 2009 state income tax return, then remember to include that amount in your state-tax deduction on your 2010 return.
  • Refinancing points. Did you refinance your mortgage last year?  Every year you can deduct a small portion of the points you paid.

Click here for the rest of Kiplinger's most overlooked tax deductions.

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