- Days left

The Most-Often Overlooked Tax Deductions

×
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.

Cut your tax bill to the bone by claiming all the breaks you deserve -- including some you may have forgotten, and some you may have never even known about.


Increase your money and finance knowledge from home

What is Inflation?

Why do prices go up?

View Course »

Building Credit from Scratch

Start building credit...now.

View Course »

TurboTax Articles

What is IRS Form 8824: Like-Kind Exchange

Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

What are ABLE Accounts? Tax Benefits Explained

Achieving a Better Life Experience (ABLE) accounts allow the families of disabled young people to set aside money for their care in a way that earns special tax benefits. ABLE accounts work much like the so-called 529 accounts that families can use to save money for education; in fact, an ABLE account is really a special kind of 529.

What is IRS Form 8829: Expenses for Business Use of Your Home

One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely than other parts of your tax return. However, if you are able to substantiate your home office deductions, you shouldn't be afraid to claim them. IRS Form 8829 helps you determine what you can and cannot claim.

What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit

Form 8859 is a tax form that will never be used by the majority of taxpayers. However, if you live in the District of Columbia (D.C.), it could be the key to saving thousands of dollars on your taxes. While many first-time home purchasers in D.C. are entitled to a federal tax credit, Form 8859 calculates the amount of carry-forward credit you can use in future years, not the amount of your initial tax credit.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

Add a Comment

*0 / 3000 Character Maximum

74 Comments

Filter by:
Mel

I could not see #9, 10 and 11 - #9 copy is garbled and then the screen keeps getting stuck - help please.

February 22 2012 at 9:12 PM Report abuse rate up rate down Reply
pkellycpa

Don't forget that for the moving deduction to apply you must have a job in the new location first. You can't move and hope to find a job.

January 20 2012 at 8:30 AM Report abuse rate up rate down Reply
wrascil

that's always great.... if you kept the receipts

January 18 2012 at 11:56 PM Report abuse rate up rate down Reply
Will Hinkley

Wouldn't you know it? None of the deductions listed apply to me. And the fact that my wife works part time makes my social security taxable. I am disabled to the point where I can't work any more but I don't get anything for that because I am considered to be retired at age 70. So we always have to cough up more more money than was witheld during the year. And to think that I spent a year in Vietnam getting shot at (ineffectively) to defend a system that does that to me.

January 18 2012 at 9:59 PM Report abuse +1 rate up rate down Reply
4 replies to Will Hinkley's comment
xqqsme3679

If the Senators and Congressmen were under Social Security instead of having their own retirement system you would see that program straightened out fast. It is a shame that the elected officials basically are there for themselves instead of the little people that voted them into office. The back door deals that got Obamacare signed should have been a wakeup call to the general public. When President Johnson authorized draining money from Social Security to balance his budgets that started this country down a very slippery slope. Every president since has had access to those funds. Nobody bothered to figure out how they would ever pay the money back. With businesses moving overseas, bailouts for companies that went to the executives as bonuses for doing a poor job, and Social Security just about broke, it probably will not be too long before this country is in dire financial straits.

January 18 2012 at 8:55 PM Report abuse +3 rate up rate down Reply
myrahill63

Just think; the Native American is getting a good laugh out of the way the White man has f***ed this country. All of the comments are on target, just have to face the facts, that " the grab all you can when you can" mentality has done their job all in the name of "greed".

January 18 2012 at 8:35 PM Report abuse -1 rate up rate down Reply
roland

while your mentioning names,don't forget Clinton ,who didn't even own a home when he started his reign and also Obama --------They both became multimillionaires in a much shorter period!

January 18 2012 at 7:51 PM Report abuse rate up rate down Reply
2 replies to roland's comment
nick

Wow, how about bush and cheny? Just happen to forget those names right? How about the oil war going on now? How about bush owning munitions factories in ohio or having his hands in oil, or having his hands in enron? Did you know cheney was the vp of haliburton and only stepped down to be vp under bush. Funny thing how haliburton was the only company allowed to bid on the iraq job. You need to get your mind right. Republicans have always and will always be for the wealthy 1%ers.

January 18 2012 at 8:00 PM Report abuse +2 rate up rate down Reply
roland

This comment was supposed to be in answer to " Save America" below.

January 18 2012 at 8:07 PM Report abuse rate up rate down Reply
omajohnsen

Giving a minute amount of tax break is not enough to entice companies to bring the jobs back home to america. Obama is an anti business president. To create jobs, we must lift the burdensome policies and regulations churned out by the thousands by the Obama administrations. One thing Obama know how to do well is doing nothing except campaigning. Three long year of empty promises. The stupid liberals who voted for him are still looking for change that they can believe in.

January 18 2012 at 7:25 PM Report abuse +2 rate up rate down Reply
2 replies to omajohnsen's comment
nick

O and tax breaks for wealthy business owners is going to create more jobs? Get real

January 18 2012 at 7:54 PM Report abuse +3 rate up rate down Reply
sesrohhome

Get real ...thousands of Amrican jobs were gone overseas long before O bama came into office. A comment such as your is way off track and biased . You need to rethink ifyou think thousands of people lost jobs because the companies they worked for left US soil since 2009. The trend atarted in the 80 under no other than Mr Reagon. Hundreds of thousand of textiles workers lost their jobs to over seas investors and markets. We might be able to make a comeback in this country if people like you get a reality check. Please out of the thousands (you said thousands) of burdensome regulations and policies made by Obama ,will you post 50 of them or ten just so everyone can see exactly what you are talking about >>>L O L

January 18 2012 at 11:24 PM Report abuse +1 rate up rate down Reply
1 reply to sesrohhome's comment
Burke

I think that you had better check your history, when Carter was in office there was some laws passed that allowed free trade. When that happened the companies in the us started looking at other countries to start businesses where they could make the products then send them back to the US to sell. We are all guilty of making these things happen by demanding larger wages from companies without any reguard for the companies, then there is the companies that stopped caring about their biggest assets "their people" then we really did a big no no when we all started buying what was cheapest not caring if it was made in the USA or not. So you see folks we have done all of this ourselves as well as electing people that do not govern for the good of the USA but line their pockets and support their own agendas.

January 19 2012 at 12:12 AM Report abuse rate up rate down
hotwheels101562

I wish we had a least one hard working honest person in our government!!! It's time for a huge cut in government payroll.
Imagine if our congress and representatives only earned an average salary $40,000 - $50,000 a year. They would be outta there so fast. The average Joe could do something to fix alot of the corruption. Let's start with welfare fraud and all these lazy asses on disability who do not need it nor have earned it. O r the immigrants who take over communities and manage to get their legal children in the system. All of the out sourcing needs to stop!! Buy American people and put them out of business!!! Land of the free my ass, TAXES

January 18 2012 at 7:19 PM Report abuse +3 rate up rate down Reply
eddewll

the state tax deductions for states with no fed tax expired bec 31 2011

January 18 2012 at 7:17 PM Report abuse rate up rate down Reply