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Tax Tip of the Week
For the week of
September 16, 2002

Don't overlook these tax deductions

Every year, millions of Americans pay higher taxes than necessary because they fail to take legitimate deductions. Don't overlook deductions which can help you minimize your income tax bill. For example:

Be aware of new deductions for 2002. This includes the deduction for college tuition and related fees ($3,000 limit) and the deduction for teachers who buy their own classroom supplies ($250 limit). Since these are "above the line" deductions, you don't have to itemize deductions on your tax return to claim them.

Keep track of your mileage. You can take a deduction for charitable driving. Keep a record of your trips and deduct 14 cents per mile as a charitable contribution. Mileage is also deductible at 13 cents per mile if you use your car to go for medical appointments or treatment. You'll have to itemize your deductions on your 2002 return to claim these mileage expenses.

Write off job-hunting expenses. Job search expenses (such as costs of resume preparation, employment agency fees, and travel to a job interview) may be deductible as a miscellaneous itemized deduction, even if they don't produce a new job. You must be looking for a job in your current field, however, and it can't be your first job.

To get the best tax results, tax planning and good recordkeeping are important. Contact us if you'd like our assistance.

Prior Tax TipsClick 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.

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