Tax Deductions to Watch Out For Next Year
credit: jm3
Unless you’ve got an extension, you’ve probably filed your tax return for 2008. Like many Americans, you might have missed out on some deductions simply because you weren’t aware of them – it’s a complicated system! So take a look at this list and keep in mind that some of these deductions might be available for you when you next file a return.
- Prepayment penalties on mortgages you close (perhaps to refinance) and real estate taxes you paid (if you bought a new home) can be tax deductible
- Student loan interest or qualified expenses while you’re studying can be eligible for deductability
- Job search expenses qualify – if you are looking for a new job in the same field. It doesn’t matter if you were successful or not.
- Home improvements which are classified as improving energy efficiency are eligible for a tax credit
- Child care expenses, if you’re working full time, are deductible, and that includes summer day camps too.
- Home office expenses are deductible if you are actually doing the work that produces the income at home – some states have been clamping down on abuse of this deductibility so don’t stretch the truth
- Medical expenses that exceed a certain percentage of your income are also tax deductible, but double check about exactly what is considered a medical expense.
Tags: Deductions | Finances | Medical Expenses | Saving Money | Student Loans | Taxes
This entry was posted on Wednesday, September 3rd, 2008 at 3:45 am and is filed under Taxes. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
