10 Most Overlooked Tax Deductions

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most overlooked tax deductionsYears ago, the fellow who was running the IRS at the time told Kiplinger's Personal Finance magazine that he figured millions of taxpayers overpaid their taxes every year by overlooking just one of the money-savers listed here.

Don't be one of those millions: Cut your tax bill to the bone by claiming all the breaks you deserve -- including some you may have forgotten or never even knew about.


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chris1011

When politician­s talk about the "job creators" they mistakenly say it's the top 1%. The real "job creators" is the middle class, which is dwindling and why our economy is going to hell.

Corporatio­ns need to start giving the laborers/c­onsumers a living wage. When people have money in their pockets they spend. When people spend their money they create demand. When demand is created, jobs are created to meet that demand.

Corporatio­ns need to realize that there is a symbiotic relationsh­ip between corporatio­ns and laborers/c­onsumers. Corporatio­ns can't live without laborers/c­onsumers and visa-a-ver­sa. Corporatio­ns have lost their long term vision. All they see now is instant gratificat­ion, greed, which is short sighted and ultimately a death sentence..­.for all. The top echelon of corporatio­ns needs to take less money. That money needs to be distribute­d more to the laborers/c­onsumers. Yes the CEO's will make less money on the upfront but the corporatio­n as a whole will flourish and then they can pay the CEO in stock options.

We need to get corporate money out of politics. Corporatio­ns aren't people. Only people should be running our government­. As stated in our Declaratio­n of Independen­ce, "All men are created equal". It doesn't say anything about corporatio­ns because corporatio­ns aren't people. Corporate money is rotting our government from the inside out.

December 05 2011 at 7:04 PM Report abuse rate up rate down Reply
1 reply to chris1011's comment
spiguyone

Well said !!! Corporations knew exactly what they were doing as they helped crushed the middle class in this country, they were simply counting on sales to emerging nations to make up the difference. However they never thought their timing may be wrong.

December 05 2011 at 10:06 PM Report abuse rate up rate down Reply
campoton

cr377540: Right on!

December 02 2011 at 6:17 AM Report abuse rate up rate down Reply
nr2187

My resolution: How about forgetting politics and going back to being Americans again...as we were in WWII? Then, by doing so when Americans worked together at home to support those fighting abroad, we won that one. I know, I was one who, at the age of 18,19 &20, served as an infantry rifleman and scout in several battles. .and have never regretted it. But, sadly, politics later came along and we no longer seem to work together for our country.

December 01 2011 at 10:48 PM Report abuse rate up rate down Reply
LEE Resolution

How about 'throwing pearls before liberals'...they don't mind living in a pigpen .

December 01 2011 at 6:12 PM Report abuse -1 rate up rate down Reply
LEE Resolution

no offense to swine, mind you......

December 01 2011 at 6:01 PM Report abuse rate up rate down Reply
bann585

We get a tax break if we purchased a vehicle, a BOAT, OR AN AIRPLANE. Right...................... We're lucky we can purchase groceries. No tax break for lower middle class.

December 01 2011 at 2:38 PM Report abuse +6 rate up rate down Reply
1 reply to bann585's comment
indisposed99999

One of the reasons we are in the mess we are in is the vast disconnect between the "perception" of who benefits most from the current tax code, and actual objective reality. The truth of the matter is that the largest tax expenditures, by far, accrue to the middle class, not the rich. The easiest way to see this is to see a list of tax credits/deductions, and the accompanying income phaseouts.

However, off the top of my head, I come up with the following tax credits/deductions that were designed primarily for the middle class:

1. Home mortgage interest deduction
2. Standard Deduction
3. Deductions/Credits for dependents
4. Child Tax Credit
5. Tax Credit for Child Care Expenses
6. Deductibility of medical expenses (your expenses have to exceed a certain percent of your AGI, which means its almost impossible to qualify if you are in the "upper class").
7. Flexibile Spending Accounts
8. Tax Deferred IRAs and other retirement vehicles
9. Deductibility of state income taxes (the Alternative Minimum Tax disallows this deduction for most upper-income taxpayers).

December 01 2011 at 2:53 PM Report abuse -2 rate up rate down Reply
2 replies to indisposed99999's comment
David

anyone can claim those credits/deductions...

December 01 2011 at 6:56 PM Report abuse +1 rate up rate down
buddyman412

david. only those who QUALIFY, can claim them!

December 01 2011 at 7:16 PM Report abuse rate up rate down
basbagr

whats happening to all the money that we paid when we raised sales taxs 50%. Engler gave it the raise. It was suppose to be for road repair. where has it all gone to. We havent had a bad winter for 10 yrs or more . If its not being used
for roads , put it in social security. Its all we need is some one who can add and subtract. I never got a 50% raise in my life.

December 01 2011 at 1:56 PM Report abuse rate up rate down Reply
3 replies to basbagr's comment
cr377540

bchrist751

How is it right that some corporations make billions a year yet pay no taxes because of tax breaks that Congress gives them?? How is it right that the oil companies make billions in profits every quarter yet Congress hands them more billions of taxpayer money?? How is it right that CEO's pay & benefits rise from 5% to nearly 50% over about 45 years yet the worker's doesn't rise but a few %??

December 01 2011 at 1:11 PM Report abuse rate up rate down Reply
3 replies to cr377540's comment
Richard Gassen

I hear the IRS is deep-sixing the state income tax deduction this year? Tell me it ain't so.

December 01 2011 at 1:03 PM Report abuse rate up rate down Reply
walter

hello

December 01 2011 at 12:24 PM Report abuse rate up rate down Reply