Ken Dolan: Hi everybody we’re the Dolans. We know you don’t like the B word “Budgeting”, we know you probably like the T word “taxes” is even easier.
Daria Dolan: I’m talking, I’m afraid somebody is going throw something.
Ken Dolan: Even less taxes. What we’re going to do with those pass along—not a bunch of a numbers to you, but some general categories of commonly overlooked tax deductions. That’s the time of the year let’s minimize the tax we pay!
Daria Dolan: Did you go on a business trip in 2008 maybe you take your family member to spend the couple of minutes on a pleasure side of it? Or maybe vice-versa—
Ken Dolan: Vice-versa.
Daria Dolan: You took a pleasured trip—
Ken Dolan: And did some networking.
Daria Dolan: ...with your family and did some networking or some other business while you were there, check out your receipts part of that might be deductible.
Ken Dolan: Good Daria! There are also a couple of things too there’s a wide assortment of energy saving deductions. Don’t forget President Obama, big at the top of his list energy saving alternative. Check with your tax adviser.
Also a relative and new thing PMI, Private Mortgage Insurance on your home maybe there’s some income things when you did the mortgage that may or may not be applicable to you check with your tax adviser. PMI deductibility that’s a good one.
Daria Dolan: Also if you take trips to the doctors for yourself and your family members maybe an emergency trip to the Emergency Room, don’t forget to calculate if you’re itemizing the mileage of those trips.
Ken Dolan: Absolutely.
Daria Dolan: That part of your medical deduction. Yeah, I know it’s a tough not to crack but you me help put yourself over there if there were some major illnesses in your family.
Ken Dolan: Looking for a job, volunteering also deductions too. Don’t forget to deduct mortgage points on your mortgage. What else?
Daria Dolan: But remember if it is a refinance you’ve got to prorate those.
Ken Dolan: We’ll talk about that. Also another one that most people don’t realize you made a bad debt maybe you co-signed to a family member or a friend and it didn’t worked out so well at least not on your favor. Bad debts maybe under certain circumstances with limits deductible, talk to your tax adviser. Bad debts.
Daria Dolan: Easier to deduct when you done it outside your family network. When it is family member to family you better have signed the contract with them it will go a whole lot easier with you with the IRS. And if you’re looking for job as long as you are looking on the same field—
Ken Dolan: And you said that you know.
Daria Dolan: On the same place.
Ken Dolan: Yeah, on the same level.
Daria Dolan: Yes, by all means all those expenses can be deductible.
Ken Dolan: You mentioned medical Daria. You mentioned medical expenses.
Daria Dolan: I did.
Ken Dolan: Itemized deductions what you may want to also keep in mind if your doctor prescribes for you or dependent a swimming pool, a special mattress or humidifier, a special foam—
Daria Dolan: Hold bars in the bathroom.
Ken Dolan: Portable—
Daria Dolan: That have you been in and out of the shower tub and after you know what.
Ken Dolan: That’s right, portable oxygen tanks. The bottom line is simply this, there are lots of deductions and many of them are overlooked. No kidding, 18,500 pages of tax code. Talk to your tax adviser. Learn a little bit about taxes. It’s almost like having a part time job with the money you can save.
Daria Dolan: Well it is and it’s certainly a full time job trying to do your taxes so we wish you all the best in trying to get that done, but remember take everything you’re entitled to.
Ken Dolan: Absolutely.
Daria Dolan: Don’t pay a cent more than you have to.
Ken Dolan: Amen.
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