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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.

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TurboTax Articles

Cities with the Lowest Tax Rates

The total amount of tax you pay reaches far beyond what you owe the federal government. Depending on where you live, most likely you're required to pay additional taxes, including property and sales tax. The disparity between the amount of tax you pay in a low-tax city and that in a high-tax city can be dramatic. Living in any of these 10 cities could save you a bundle, although the exact amount may fluctuate based on your income and lifestyle choices.

Cities with the Highest Tax Rates

Much ado is made in the press about federal tax brackets, but cities can carry a tax bite of their own. Even if you live in a state that has no income tax, your city may levy a variety of taxes that could eat away the entire benefit of living in an income tax-free state, including property taxes, sales taxes and auto taxes. Consider all the costs before you move to one of these cities, and understand that rates may change based on your family's income level.

Great Ways to Get Charitable Tax Deductions

Generally, when you give money to a charity, you can use the amount of that donation as a deduction on your tax return. However, not all charities qualify as tax-deductible organizations. While there are many types of charities, they must all meet certain criteria to be classified by the IRS as tax-deductible organizations. There are legitimate tax-deductible organizations in many popular categories, such as those listed below.

A Freelancer's Guide to Taxes

Freelancing certainly has its benefits, but it can result in a few complications come tax time. The Internal Revenue Service considers freelancers to be self-employed, so if you earn income as a freelancer you must file your taxes as a business owner. While you can take additional deductions if you are self-employed, you'll also face additional taxes in the form of the self-employment tax. Here are things to consider as a freelancer when filing your taxes.

Tax Deductions for Voluntary Interest Payments on Student Loans

Most taxpayers who pay interest on student loans can take a tax deduction for the expense ? and you can do this regardless of whether you itemize tax deductions on your return. The rules for claiming the deduction are the same whether the interest payments were required or voluntary.

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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

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

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

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

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

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

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

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

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

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

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

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

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

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