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Beware tax break bait and switch

100 dollar bill on a fish hook bait and switchWe've all heard the pitch. This tax break will cut your tax bill.

Sometimes, though, great-sounding tax breaks aren't always as advertised. There are requirements you must meet to claim them, such as charitable donations.

Yes, gifts to your favorite charity can be deducted, but only if you itemize on Schedule A. If like most taxpayers you claim the standard deduction, your donations won't do you any tax good.

That's just one of the tax breaks that require you to read the fine print before you claim them. The others are deductible job-search expenses, medical costs, business meals and entertainment and a flexible medical spending account.

Today's Dailly Tax Tip has full details on all five common tax breaks that aren't exactly as they seem on first glance. And if you've missed some previous tips, check out the full March list, as well as the January and February tips, too.


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