10 big deductions too many of us miss

A lot of taxpayers don't know they can save thousands of dollars with these tax breaks. Did you forget about any of these deductions and credits?

By Jeff Schnepper, MSN Money

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VIDEO ON MSN MONEY

35Comments
Apr 13, 2012 3:21PM
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What is available for people who were foreclosed on, and have lost their home. 
Apr 13, 2012 2:06PM
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If you're using Turbo Tax, it has a valuation guideline schedule in the software or online.  And surprisingly, it's a lot higher than I expected.  So give it a whirl.  I did.
Apr 13, 2012 1:21PM
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Sure would be nice not to have my federal retirement taxed along with social security when that is my total income.
Mar 1, 2012 9:22AM
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"How to pay zero tax" i think it is a little too exagerate. it would cost me to give away nearly all i

have just enough to cover $1000 tax owed. Charity is good and we should look out for poor people.

However, you will never get back same credit for whatever good you first bought. For example, you just buy a pair of jeans $100 and went home and found it is not fit and have lost receipt,you can't

return the item. at charity the maximum credit you could get is 10% or under. to get it plus others

give away items to Zero Tax is next to impossible.Beside, i wonder if you could get a deduction for

the purchase of this book, anyway. But, it would make more sense if it entitled " How to minimize

your tax down to nearest zero tax". The public is not a stupid people.

Mar 1, 2012 8:26AM
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i paid almost $10,000 dollars in college in 2004. it was a loans.after katrina,the school i went had closed or moved else where. so, i have not able to get a copy as a proof of tuition and fees so i

could get it as credit on my tax return. however, because the loans was made from Direct Loans from

US government. Today, i still repay $88.81 monthly plus interest. total about $1,200 a year. Can i use this repayment information as proof of my tuition and fees which i paid before Katrina? Or, what should i do? i feel it is not fair to pay  tax plus interest plus principal to the government at same time

i could not get any credit or do not know how to get that credit? Someone there please help me.

Thank you.

Feb 29, 2012 4:19PM
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I have a great issue. I am driving 2400 miles a month to work. … but I cannot find a way to deduct or save in taxes. Now the situation is bad as my wife is without work for a Year. I did have to get a cash loan from my 401k to pay for my mortgage and now I do have to paid to IRS more than $10’000.00 in taxes.

·         One working

·         Wife without work for a year

·         $10’000 in taxes

·         Cash Loan for the house is gone

·         Unable to refinance the house from 0.8% to 0.4% because the estimated price of the house is $49’000 when Mortgage is still $73’000.00

Do somebody has an extra gun? … or a better advise.

Feb 26, 2012 9:06PM
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Can  I  get a rebate  on a  past windfall tax paid  on my sold house?
Feb 18, 2012 3:48PM
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how would a flat tax work and would it be fair?
Feb 18, 2012 7:54AM
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Hey, I paid towards my son's higher education - does that mean i get his credit????  :)

 

Feb 18, 2012 7:51AM
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HMM  - does it include substitutes?  I go through all the background checks, paper work and have the BS/MA.  Just not the teaching degree.
Feb 18, 2012 7:28AM
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i am so glad i woke up to fine out giving to goodwill is a legde tax deuction..not only do i donate i all shop there so that is a plus plus... rite...i fine lilttle things that our antit and better then that the older stuff i buy from there is made some much better than the fly by nike object you get now a days.. so ..im going to shop at goodwill , but rite now i dont even have the time to shop..becase i have so much other thinks to do..lolool have a great day love from all around you inside and out the one the only salidalisam... the artist.... thank you very much!!!!!!
Feb 18, 2012 5:10AM
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I do not like taxes anymore than anyone else but go to a poor country for a year and then come home and you will not complain, as much.  You will realize how good you have it and even with our "screwed up" government you will be glad you live in the USA. 
Mar 29, 2011 6:55PM
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"Starting with 2007 returns, the law has required a receipt or some sort of written confirmation for all charitable donations. Feel lucky? Play the audit lottery. You're still an honest person."

WTH?  I'm a CPA and I prepare hundreds of tax returns every year.  Don't do what this guy says.  He's a detriment to your well being.  Trust me.
Mar 25, 2011 8:37AM
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part of my home is used to store different receipts for different types of merchandise that we purchase. i have 25 file cabinets with irs requirements needed to prove a purchase and then who i donated the item to. i also deduct the space i use to keep irs records. i also deduct the purchase of the file cabinets and my time to do the irs requirements. i hire a part time worker as well to audit my paperwork and insure it meets sarbanes oxley requirements. i also charge this to irs. there are a few other items that i also perform, and again are charged to the irs... 
Mar 1, 2011 8:12PM
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Hey the guy doesn't need to "get out of your country" to be back in a third world setting!  Just move to Wisconsin!!!
Feb 19, 2011 12:39PM
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I got a great deduction for my wife's old broom. It use to get 30 miles to the gallon.
Feb 19, 2011 12:37PM
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Spent 30 minute and one email to Salvation Army frying to find the Valuation guide referred to in this article.

 

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Whitney, are you sure your stuff was worth that much?  You know that used stuff is not worth that much.  You would have to have $20,000 worth of stuff to claim $5000.  I just claim a certain amount every year.  It doesn't call attention....
Feb 19, 2011 10:59AM
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My wife and I donated some stuff to the Good Will to our local library, We always asked for the receipt. However when it was time to do our taxes and gave our tax preparer the receipts from our donations, he said this is not good enough you have two donate at least half of your yearly income in order to receipt credit for your donation.
Feb 19, 2011 10:38AM
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I give to the DAV alot. also shop there.. But i would like to deduct Obama permanently..
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