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10 overlooked ways to cut your taxes

If you're still working on your 2011 Form 1040 or are about to dive into that task any day now, make sure you maximize your tax breaks.

To help you do just that, I discuss 10 overlooked tax breaks in a story for Bankrate.com. It's also today's Daily Tax Tip.

You'll have to click over there for details, but here are the highlights:

  1. Charitable donations other than cash
  2. Moving expenses 
  3. Job-hunting costs 
  4. Military reservists' travel expenses 
  5. Child care credit 
  6. Points to refinance your mortgage
  7. Medical costs 
  8. Retirement tax savings credit 
  9. Educational expenses 
  10. Home energy efficiency upgrades

Some of these tax breaks require you to itemize. They are charitable donations, looking for a job, refi points and medical costs.

Most people, however, claim the standard deduction. If that's you, you're in luck since six of the write-offs are available to itemizers and standard deduction claimants alike. They are the child care credit, moving expenses, retirement plan credit, educational credits, home energy efficiency efforts and travel by reservists for training.

Of course, there are eligibility requirements to meet.

In some cases you'll also have to fill out extra worksheets or forms or schedules.

And you always need to have proper documentation for these and all deductions and credits you claim.

Hey, I didn't say it would be 10 easy overlooked tax breaks.

But a little extra work could pay off on your return and that's the important tax bill bottom line.

You also might find these items of interest:

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Thanks for sharing these tips really i will use them next time i pay my tax.


Always the jokester, Peter! Political preferences aside, the election isn't until November, well past the extension deadline and nobody wants to be a late filer! Kay



Great post, but you forgot the biggest way to reduce your taxes: Don't vote for Obama.

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