We are nearing the filing deadline for individual income tax returns once again on April 15, 2010. It is time to start thinking about reducing your tax bill as much as possible. Below are 8 often missed tax deductions that can give you big savings on your return.
1) Contributions to IRA's - You can still make contributions to your 2009 IRA until the due date of your return.
2) Points on Mortgages - If you refinanced during the year and paid points on your mortgage you can amortize and deduct the points over the life of the loan. More importantly, if you have old points that you are currently amortizing, you can now write the balance off in full since the mortgage was paid off.
3) Non Cash Contributions - You can take a deduction for non-cash contributions that you made to charities. This includes mileage on your car for charitable activities.
4) Energy Savings Home Improvement Credit - If you purchased Energy Saving devices that are eligible for a tax credit, do not forget to take the credit this year.
5) Investment and Tax Expenses - Fees that you pay for investment planning, tax planning, and tax preparation are tax deductible.
6) Casualty Deduction - If you suffered any theft or had any damage to property due to acts of God, you may be able to take a casualty deduction.
7) Educator Expenses - If you or your spouse are a qualified educator, you may be able to deduct a protion of your educator expenses.
