Don’t Forget These Money-Saving Tax Deductions

1:23 pm Uncategorized

Today is the day the IRS starts accepting e-file standard deduction tax returns for 2010, which is a reminder for all of us to start making a list of all the tax deductions we qualify for to apply to this year’s returns.

An article this week at lists the 10 most commonly forgotten tax deductions:

  • Costs incurred while looking for a job;
  • Out-of-pocket charitable contributions;
  • Student loan interest that has been paid by a parent;
  • Health insurance premiums;
  • Energy-saving home improvements;
  • Casualty deductions if where you live was declared a disaster area in 2010;
  • Contributions to a retirement account;
  • Child day care costs;
  • Costs for mortgage refinancing;
  • Travel costs for military reservists.

The changes in the tax laws in late 2010 have delayed e-filing for those who file itemized returns while the IRS updates its systems, and it is likely to be mid-February before those returns can be filed.

For more tax-saving strategies and information, contact our California estate planning law firm.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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