Most Overlooked Tax Deductions

January 18 by | 10 comments | Money | Tags: , ,
Calculator Image

H & R Block posted a list of the 14 most commonly overlooked tax deductions. It’s approaching that time of year, so make sure you don’t miss these deductions:

As long as we’re on the topic, I plan to go the “Turbo Tax” route for the first time when April rolls around. Has any one else done it? Let us know how it went and if you’d do it again in the comments.

Tax Tips: Most Overlooked Tax Deductions – [hrblock.com]

  • elmegil

    I was a regular turbotaxer until a couple years ago when they put some ridiculous invasive DRM type stuff into the program. At which point I switched to Kiplinger’s Tax Cut, which is now H&R Block’s Tax Cut. They’re really equivalent, political preferences aside, and I’ve never had any complaint with either from a tax standpoint.

    Some people I know use web based tools (they’re cheaper or free), but I don’t trust those kinds of details out there in web space.

    I’ve never had a single problem. The few times I’ve had *really* complicated returns (usually a case of moving from one state to another, or the first time I bought a house) I’ve gone to H&R Block directly and not messed with the software, but they rarely found me enough extra deductions that I wouldn’t have already thought of (with some prompting from the program) to make it worth spending that money for a routine return.

    I’d also recommend not waiting until April unless you are positive you’re going to be paying instead of getting a check. Every year, I buy the software as soon as I can in January, do an estimated return based on my last December stubs and data in quicken, and get some idea whether I’m paying in or getting a refund. Since I got a house, it’s always been a refund, so I wait no longer than til the W2 and assorted other statements arrive before doing an e-File and getting my money back.

    If I have to pay, then it will wait for April, but then I have enough lead time that I don’t get any nasty surprises (any more; one year I had to come up with $2000 at the last minute and let me tell you it was a big shock).

  • http://krishami.blogspot.com Krishna Kumar

    The online Turbotax version is easy to use and it also pulls necessary information from banks and other institutions. I suppose the H&R version also does the same.

  • Gordon L

    I’ve used TurboTax in the past with good results. It’s usually about $30. I have my investments with a large mutual fund co, and they provide TurboTax for free…you do your taxes online, but it is very secure I believe.
    I still complete my taxes, print them out, and mail the forms to the Feds using certified mail.
    You can send the completed taxes electronically from the website you did your taxes, but I had problems with this once….it never got there, and I forgot about checking, so ended up paying a late fee.
    SEND IT BY CERT MAIL!

  • http://ubermaclife.blogspot.com/ Phillip Ingham

    A great selection of tips. Set off by one of my lovely photographs. To use this under creative commons licencing you should really attribute the work. I’ll let you off this time though!!!

  • http://www.lifehack.org/ Leon

    @Philip: Apologies on the editorial! We will add a link to attribute on the image.

  • Anon

    I’ve been using TaxCut for many years with nary a problem. The program always points out a deduction that I would not have thought about.

  • Pingback: Business Tax Forms » Most Overlooked Tax Deductions

  • Pingback: Financial Aid Podcast Daily Free MP3 Internet Radio » FAP457: Student Debt Relief Act of 2007, Free Stuff Friday, California financial aid, College Goal Sunday, Jen Foster

  • Wagner Eric

    are unallocated support payments to my wife and two kids deductible? I’m in NJ.

  • http://www.cardonationtaxdeductiontips.com Car donation tax deduction

    Hi,

    Its really amazing article guys.

    Nice work .

    Thanks