Common Tax Deductions That You May Have Forgotten About

// March 24th, 2013 // Tips for Living, Uncategorized

Now that you have compiled all the tax related documents that you can find, take a look at the list below and see if you have omitted any of these commonly forgotten items.

1. Reinvested dividends – not really a deduction, but a subtraction that can save lots of money.
2. Jury duty wages paid to your employer.
3. Refinancing points. It won’t be much, but take the deduction any way. It all adds up!
4. State tax paid last year.
5. Earned Income Tax Credit – This is a refundable tax credit that is designed to help those with a low to moderate income.
6. Sales tax. This is an important one – however more important for those people living in a state that does not impose an income tax.
7. Charitable contributions
8. Moving expenses
9. Child care credit.
10. Interest on student loans payed by parents

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