21 overlooked tax breaks

Keep more money in your pocket by watching out for these common deductions.

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VIDEO ON MSN MONEY

136Comments
Jan 27, 2014 1:45PM
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Always remember that a government big enough to give you everything you need, is a government big enough to take everything you have.
Jan 21, 2014 8:55PM
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More examples of how the current tax system let's politicians manipulate the laws to buy voters.  Taxes should be revenues to pay for the services that the government provides.  These services should be available to all US citizens equally without regards to race, sex, marital status, profession, income, sexual orientation, race, physical abilities, etc.  They should not be available to only a select few from whom the politicians are trying to garner favor and votes. 

 

In addition, the burden of paying for these services should be carried equally by all US citizens.  This means that each US citizen should pay the exact same amount for these services. 

 

Let's end the discriminatory progressive income tax system that started in 1913 now and replace it with a EQUAL TAX system that treats every US citizen the same.

 

If the revenues created by such a system is not enough to pay for the services currently provided by the federal government reduce the services provided.  If still required then they should be borne by the states that elect to implement them.  The only services required to be supported are those that are explicitly called for in the constitution.  Others are those that are trying to appease voting blocks and redistribute wealth in order to do so.

 

Jan 22, 2014 9:11AM
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There's lots of people who can't take advantage of any of these tax breaks. I have no child in daycare nor have a kid in college, I don't own a business nor self employed, I don't own any stocks, can't claim any home improvement energy costs...ect. So, I guess I am not one of the lucky ones. Oh hum ho....another useless article I cannot benefit from. Ole Uncle Sam can put the screws to me again another year.
Jan 26, 2014 1:40PM
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Let me see if I have this right.........if I don't have enough money all I need to do is spend more of what I don't have to get back some of what I already had and paid to the government and they will give me some of the money back that they took in the first place. Well where do I sign up for this Ponzi deal of the day. Typical government thinking!!!

 

Jan 21, 2014 10:34PM
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Have to love "American Opportunity Credit"    Anyway, my wife and I both have good jobs, so we have a pre-existing condition.   Pay up!   I have my Turbo tax ready to go.   Rather pay than be like several neighbors, who get $5,500 back more than paid in due to EIC and child credit.  Of course, they do not have legitimate jobs.  No tax burden there but also no pride.
Jan 27, 2014 5:30PM
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It would be nice if some of these applied to everyone. However, NONE of these apply to me. I am a lower middle class citizens with grown children and I get the shaft EVERY YEAR. I am tired of paying for people who do nothing and get thousands and thousands back on their taxes.
Jan 27, 2014 6:07PM
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I worked for 38 years in the same field, paid into SS, Medicare, paid Fed and State taxes. Now that I've retired I find that when I start taking out the money I earned, which I put into my 401a and 403b retirement funds, that will also be taxed as income. When I start drawing out SS that, too, will be taxed. I'm going to be taxed on the earnings that were already taxed. Thanks for sticking it to the little guy as always.
Jan 21, 2014 7:19PM
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really? dont pay more? just let someone else do it..now pop those 5-10 kids out and collect the freebies!
Jan 27, 2014 7:16PM
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The IRS needs to be abolished....period. Nothing but thugs and thieves.
Jan 27, 2014 3:09PM
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You would really have to plan your life around the tax laws to take advantage of any of these breaks. I have a hard time believing those H&R Block commercials stating tax payers gave up a billion dollars in return money. My tax software gives me suggestions based on my lifestyle. About the only thing I can do to improve my situation is put more in my 401K. It's getting harder to stay even, let alone sock more money away.
Jan 22, 2014 10:56AM
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dont pay taxes?  this makes no sense.  msn demonizes "the rich" for finding ways to keep more of their money, but then tells the readers of msn(prob middle class to poor) that its ok to keep your money and pay less taxes?

 

msn you make no sense.  msn says that when the rich dont pay higher taxes, its the reason for our huge deficits and unfunded wars.  but i guess the middle class and poor not paying doesnt fall under the same scrutiny.

 

its obvious msn is promoting class warfare on purpose.  shamefull

Jan 22, 2014 10:05AM
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At least 90 % of these pertain to no one....... Most tax filers do not itemize so they're (hope this change make the G police happy, and I do know better but suspect GFKS is correct.) of no consequence. PS My wife is always on my a** as well but you and her will never get me corrected....brilliant but handicapped.  
Jan 27, 2014 2:42PM
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Aren't all these tax breaks that keep people bitching?  Or is it just everyone likes their own tax breaks but not breaks for others.


Jan 27, 2014 5:29PM
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These are tax breaks for everyone not just politicians.  Take a breather, relax, remove the chip from your shoulder and try to understand that your energy is wasted when you blame the politicians.  It is "we the people" who keep electing the same thieves to office.
Jan 27, 2014 2:47PM
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flat tax of 20% to ALL above 50k.  no breaks, no IRS.  you make $50,000 a year, you pay 10,000.  You make 5,000,000 you pay $1,000,000.  Simple and fair.  
Jan 27, 2014 5:30PM
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As soon as congress reads this article, they will put a stop to all these deductions and then you're screwed again.
Jan 26, 2014 5:13AM
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 Does being a leeching scum democrat count as a tax break?
Jan 22, 2014 11:53AM
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FYI, the threshold for deducting medical expenses on Schedule A to Form 1040 (itemized deductions) increased from 7.5% of AGI to 10% of AGI for taxable year 2013, unless you are over the age of 65 years, at which point the threshhold is 7.5% (through 2016).
Jan 21, 2014 7:48PM
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It works something like this:  First you make/spend money and the government takes some.  Then you can ask the government for some of your money back.  If the government is happy with what you are asking back, then they will give some back.  Then you have to pay fees to file your taxes.  Then the government takes some of those fees.  But then you can ask the government for some of that money back too!  If the government is happy with what you are asking back, then they will give some back.  Then you pay other expenses to get that back but then you can get together with the government to get some of that back too.  If the government is happy with what you are asking back, then they will give some back.  Then you pay other expenses to get that back but then you can get together with the government to get some of that back too.  If the government is happy with what you are asking back, then they will give some back. etc.

Simple, right?
Jan 27, 2014 2:56PM
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How dare you suggest citizens take advantage of tax loopholes. Pretty soon your be comparing us with big business, specifically big oil.
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