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The 11 Most Overlooked Tax Deductions

The 11 Most Overlooked Tax Deductions

Kiplinger

Page 1: Table of Contents

Page 2: Top Ten Odd Ball Tax Deductions

Page 3: Artists and Designers! Get Organized Before Tax Day

Page 4: Schedule C for Artists and Designers

Page 5: What Can Visual Artists Deduct on Schedule C?

Page 6: Tax Preparation Checklist

Page 7: 5 Ways to Make Your Taxes Less Taxing

Page 8: The 11 Most Overlooked Tax Deductions

TurboTax helps you find tax deductions you may have overlooked. Don’t overpay taxes by overlooking tax deductions. See the most common errors taxpayers make on their tax returns. …it’s all too easy to miss a trick and pay too much…

Every year, the IRS dutifully reports the most common blunders taxpayers make on their returns. And every year, at or near the top of the list, is forgetting to enter a Social Security number or making a mistake when entering the nine digits that identify us to IRS computers.

Before you bemoan such stupidity, ask yourself a simple question: Is that the most common error? Or just the most easily noticed goof?

Who knows how many people forgot—or never knew about—a deduction that could save them money? That’s not the kind of thing over which government bean counters lose a lot of sleep.

No doubt about it: The opportunity for mistakes is almost unlimited. The most recent numbers show that about 46 million of us itemized deductions on our 1040s—claiming nearly 1 trillion dollars’ worth of deductions. That’s right: $1,000,000,000,000! Another 85 million taxpayers claimed more than half a trillion dollars’ worth of standard deductions. Some of those who took the easy way out probably shortchanged themselves. (If you turned 65 in 2007, remember that you deserve a bigger standard deduction than younger folks.)

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