I wanted to take a second tail on our Dolans.com family to watch out for some commonly overlooked tax deductions. Now I'm not going to grind a bunch of numbers with you, forget it. I'm going to give you some general categories either you can do a little homework or save some money or make sure that your tax prepare or your CPA whoever helps you doesn’t miss any of this.
Let’s have some example, a part of the pleasure trip could be tax deductible if you do networking, perhaps looking for new job as part of that pleasure so pleasure trip could be partly tax deductible. There’s a wide assortment of energy saving deductions. As you know President Obama high on his list is alternative energy and this is going to be other is and will be more energy saving tax deductions and tax credits to become to energy upgrade your home and maybe even your business. Take a look at below.
By the way, if you have private mortgage insurance again with some restrictions a little homework here. Private mortgage insurance which is the insurance you pay if you don’t put down 20% when you buy a home may or will be in some cases tax deductible so talk to your tax preparer about that.
Don’t forget mileage deductions. The ones for the first half of 2008 and the second half of 2008 are different. I'm not going to go to a great deal of numbers there but you can talk to your tax preparer or look it up. If you’re going for a medical for medical care, if you’re going to see your investment broker, if you are volunteering for charitable organization. Under some circumstance if you’re looking for the same job in the same field at the same level and there are other instructions. There may be some deductions when you look for a job.
Don’t forget points on your mortgage. Don’t forget and that’s a little tricky refinancing, refinancing charges. They could pick at that. And one that many people miss is we don’t talk a lot much because we don’t like people to lend in money to people but I bet there maybe a bad debt expense if you maybe co-signed a loan or let money to a business or to a family member and it didn’t work out which means you didn’t get any roll of it back again. There may be a deduction there also.
And also it’s very, very tough to sell a home in many parts of America almost impossible in some parts of America which you may want to do is that you may want to take a look at. You may want to take a look at some of the tax deductions again adding to the cost basis. It’s a little complicated but home improvement especially if the home improvement is prescribed by a doctor like portable options in chain. Maybe it’s a humidifier, a special mattress. In some cases a swimming pool or even a special phone. It would talk and sort of like medical home renovations.
And last but not the least, there are others. I think the whole point of this video is to say everything is not readily apparent that’s deductible on the 18,500 page US Tax Code. Let it suffice to say do a little home work, check up on your tax preparer this year and you might save some big bucks commonly overlooked tax deductions, okay? Check them out!
Alright!
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