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Many taxpayers rush to file their returns as soon as the Internal Revenue Service begins accepting them, but others take their time to ensure they are receiving all possible tax breaks. The following are some of the most overlooked breaks:
1. Charitable gifts
Gift tax lawallows people to make monetary contributions to charity, which can be deducted on their tax returns. In addition to these donations, any supplies purchased while volunteering can also be deducted. For example, people who use their car to help a charity may be able to deduct the cost of gas. The IRS allows 14 cents per mile for this type of travel.
2. Job-hunting costs
One of the most overlooked tax deductions is the money people spend when searching for a job. Whether they were laid off, or are searching for a better opportunity, it is important that these expenses are tracked. They can include transportation, food and lodging, car fare, employment agency fees, and even costs of printing resumes and business cards.
3. Moving expenses
People who moved in the past year can potentially take advantage of an additional tax deduction. The majority of these costs can be written off when relocating for a job. Recent college grads that move from where they are from to take a job can deduct moving expenses as well.
4. Child care credit
Taxpayers who have children should look into the child care credit. This can help pay for the cost of after-school day car if both parents have to work. It can also be used for child care cost during the summer, which can cover summer day camp expenses.
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
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