Tax Tip of the Week
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Don't overlook legitimate tax deductions
For the week of
February 19, 2001
The filing deadline for your 2000 individual tax return is April 16. In your rush
to send your return to the IRS, don't overlook valuable tax deductions.
You can deduct qualified medical, tax, interest, charitable, and some miscellaneous expenses. If you itemize your
deductions, consider these often overlooked deductions.
Medical Expenses
- Long-term care insurance premiums.
- One-time payments for lifetime medical care at a nursing home or extended care facility.
- Medicare premiums withheld from your social security checks.
- Transportation costs paid to obtain medical care including parking, lodging, ground and air transportation, and your vehicle expenses (actual costs or mileage at the rate of 10 cents per mile).
Taxes
- Personal property tax based on the value of your property, including auto license fees.
- Real estate taxes pro rated on the settlement statement of your home purchase.
Interest Expenses
- Points or prepaid interest.
- Home mortgage interest on your second home, which can include any accommodations with cooking, sleeping, and bathroom facilities (i.e., a boat or recreational vehicle may qualify).
- Interest on a margin account used to buy certain investments.
Charitable Contributions
- Fair market value of property contributed, such as cars, clothing, and household items.
- Travel expenses, including 14 cents per mile or actual automobile expenses.
- Out-of-pocket expenses when serving a qualified charity.
Miscellaneous Expenses
- Job-hunting expenses, including postage, resume service, and travel.
- Investment expenses, including Internet service provider fees, if used exclusively for investment purposes.
- Work clothes and uniforms, if not suitable for street wear.
Don't deny yourself legitimate deductions. We are here to see that you pay no more
tax than the law requires. Call us for help in finding every deduction you're entitled to take.
Click here to view previous tax tips.
"Tax Tips" are published weekly to
provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders,
and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation
without further details and/or professional assistance.
If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list
to receive other tax-cutting information from time to time, please contact our office. We're here to help.
