DON'T MISS: Tax Deductions and Credits - New York News

FOX 5 I-Team

DON'T MISS: Tax Deductions and Credits

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ATLANTA, Ga. -

Let's finish up our tax time filing tips that we've offered this season with a quick look at deductions and credits too many folks forget.

JOB SEARCH EXPENSES
Many of you were job hunting last year. If so, you can deduct traveling expenses to interviews, the cost of sending out resumes and fees to any placement agencies.  

EARNED INCOME TAX CREDIT

This is a refundable credit for folks who make what is considered low to moderate income.  But you have to file even if you made very little.  Depending on your income, Bill Nemeth, the tax expert we've been checking in with this tax season says that it can be worth up to $6,044.

DEDUCT STATE SALES TAX

Did you know that you can deduct your state sales tax? But, note this:  It's only available to people who can itemize.  You have two options:  You can total all of the sales tax you paid all year which is hard work for you.  Or, you can use the IRS tables for a general formula.   

CHARITABLE DEDUCTIONS

Don't forget those charitable deductions. Many of us don't donate large sums of money, but we do drop off clothes to charity groups.  Estimate what they're worth and deduct. Some of you participate in groups like "Meals on Wheels" or travel to, say, hospitals, to volunteer. That mileage could be deductible.

AMERICAN OPPORTUNITY TAX CREDIT

Got somebody in college? Maybe taking a class yourself? Don't forget to check on the rules for the American Opportunity Tax Credit.  You could be looking at $4,000 in credits for tuition and fees for yourself or for a dependent.

RETIREMENT SAVER'S CREDIT

Now, here is a tax credit the IRS says is very underused - the Retirement Saver's Credit.  In a just released a report it says that millions of dollars isn't claimed.  So use it! Look it up.  If you make modest wages the IRS actually offers you a credit for your retirement contribution, providing you're in a qualified retirement plan.

 

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