What are some common tax breaks and deductions that people often overlook?
There a quite a few tax breaks included in the 2009 Stimulus bill. Examples: – Sales tax deduction on a new car purchase (extra deduction if you buy a plug-in hybrid) – First time home buyer tax credit of up to $8,000 – Tax credits for “going green” with your home. More details at http://www.simplerulesofmoney.com/index.php?option=com_mojo&Itemid=36&p=45 Also, there are other deductions that have been in place for a while, such as: – job search expenses – charitable contributions – home office expenses – mortgage interest and property taxes – some educational expenses – child care – traditional IRA contributions More details at http://www.irs.gov/taxtopics/tc500.
