Thursday, January 20, 2011

The 10 Most Overlooked Tax Deductions

Don't overpay taxes by overlooking tax deductions. See the most common errors taxpayers make on their tax returns, so you don't make the same mistakes.

Update 2010: Get your share of more than $1 trillion in deductions

The most recent numbers from 2007 show that more than 48 million of us itemized deductions on our 1040s—claiming $1.26 trillion dollars’ worth of deductions. That’s right: $1,260,000,000,000! Another 92 million taxpayers claimed more than 699 trillion dollars’ worth of standard deductions. Some of those who took the easy way out probably shortchanged themselves. (If you turned age 65 in 2010, remember that you deserve a bigger standard deduction than younger folks.)

Here are our 10 most overlooked tax deductions. Claim them if you deserve them, and keep more money in your pocket.

(Click on link to view list)

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