7 most-missed tax deductions and credits

From job search expenses to gambling losses, don't overlook these ways to cut your tax bill.

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80Comments
Apr 4, 2014 6:07PM
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Earned Income Credit and Child Credit.   Get paid by the government for what?  Staying poor and breeding?   No individual should ever get more federal income tax back than paid in.   Paying zero is bad enough but almost understandable.
Apr 7, 2014 7:43AM
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Taxes on wages (in any form – flat or progressive) are the greatest evil of our American Republic. When government is free to steal from you, there are no limits to waste and abuse in government. If a person chooses to work extra hours or two jobs in order to better provide for themselves or their family, they should not be penalized, but that is what happens. The more you make by working harder and longer, the more money is stolen from you, and given to those who spend their lives living off the hard work of others.

The revenue the government needs to provide legitimate constitutional services should be obtained primarily from a national sales tax instead of a tax on wages. All would pay based on consumption, the more you spend the more you pay. The more luxury you surround yourself with, the more you pay. Your choice. A national sales tax system would capture money spent by criminals and by illegal aliens who currently pay near zero in taxes. There would of course need to be exemptions: Cars (already have a federal excise tax) Primary Residence/Rental Properties (vacation homes would be subject to tax/rental profit would be taxed) Fresh Food (Preprocessed foods and prepared meals would be taxed – only fresh/fresh frozen/canned goods would be exempt) Insurance Premiums, Health Care & Certified Education.

Adding another layer of tax to a business would not be fair. Businesses would need to be compensated by keeping a portion of the tax to cover the expense of collection and reporting. A percentage of .20 to .05 would be fair.

Apr 4, 2014 8:09PM
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Gambling losses????? That is ridiculous.
Apr 7, 2014 11:11AM
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No one but the return of Jesus Christ can fix this mess
Apr 7, 2014 11:34AM
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Someone here said it was a great evil to tax labor. Well, a greater evil is taxes on interst earned.  You live in a country with, on average, 3% inflation, you earn 3% on a CD.  If that is the case you have earned NOTHING AT ALL, you have the same purchasing power after earning the interest as before.  Then Uncle Sam takes his cut of teh bogus earnings and you have less purchasing power, all becaseu you were stupid enough to be a saver.  And today you earn 1/2 of 1% and have inflation of at least 2%!, even worse!


Perhaps the greatest evil is the taxation of dividends.  YOU own a company, (that is what stock ownership is).  Your company earns a profit.  YOU PAY taxes on that profit.  Yes, you do.  Then when you take a bit of the profit from YOUR company (ie dividend) , you pay takes on those PROFITS AGAIN.  There was a revolution fought over less than this, Double Taxation.


Then there is the death tax.


Sure taxes need to be paid to build roads which benefit EVERYONE and defense which benefits EVERYONE.  But not theift of earnings which are an illusion such as interest, and not double taxation of profits (dividend or death).  ANd no tax money of the federal government should be spent on stuff which is not for the GENERAL (meaning EVERYONE) Welfare.  NO redistribution of wealth.


And Democrat will not present an argument against what is said here because it is one hundred percent true and therefore they can not and most importantly because they are thieves, they want to steal money from people any way they can and to take it for themselves! The prove of this point is that no argument will be presented.

Apr 5, 2014 11:16AM
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That's why I have a good Tax man. After costing myself money with the do it  yourself discs the last few years, and my wife and I at each others throats on how to answer the questions, we went back to a pro. Even by paying him three times more than the disc, he still gets us a refund, and I'm not popping Tums for heartburn.
Apr 7, 2014 12:18PM
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How do you get a receipt from a slot machine?
Apr 7, 2014 9:58AM
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Who wrote this garbage!  What a joke!  Don't forget the write off for welfare and standing in the soup line! 
Apr 7, 2014 11:25AM
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Take your billions back America “Do your own taxes!”

Apr 11, 2014 4:45AM
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There aren't many comments that are worth reading.

I think i'll go have another beer.


Apr 11, 2014 8:46AM
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The earn income credit and child tax credit has been around before president Obama.  Stop blaming this president for things he's not at fault for.
Apr 7, 2014 11:39AM
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Our nation is in shame and corruption. We have an idiot as a leader.

Call for the impeachment of this imposter. What kind of leadership is he.

Socialism works great until you run out of tax payers to support the B.S.

Apr 7, 2014 7:05AM
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Taxpayers who weren't so lucky gambling last year? Since it is only deductible up to the amount you won, you would have to have been lucky (to have at least broken even) to use this.
Apr 11, 2014 4:51AM
Apr 11, 2014 12:24PM
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I take the standard deduction for 12,000,000 illegals dependents.
Apr 11, 2014 10:47AM
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My  having to PAY the government for cashing  an IRA and distributing to family!!!  I already paid taxes on this - not fair -
Apr 11, 2014 11:46AM
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Taxes on the less than $250K crowd are going up.  My employer contributions to my retirement are now taxed as income.  When I draw on the retirement account later it will be taxed again.  Not fair!  Also my employer paid for family healthcare tax free.  Next year Uncle Sam will be taxing that as part of my gross.  Translation, my net keeps going down!!!
Apr 11, 2014 7:25AM
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Just a little background on the EITC  It was incepted in 1975 and has been broadened or added to by EVERY administration since. It was born out of the debate on how to assist low income wage earners who were employed. Also seen as an alternative to hiking the minimum wage which receives opposition as it is believed to be a detterent to hiring. Not my views just a result of research.
Apr 11, 2014 11:37AM
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I thought people getting out of paying taxes was our economic problem according to the low info media and some brain dead hate the rich/business forward thinking bloggers. They want that money in governments hands, not in the free market system supporting/creating jobs (whos greedy now?). Its not a out of control, big evil wasteful no competition to keep it efficient government, thats the problem NO. Oh wait, its only when the rich dont pay enough in taxes, I forgot somehow their money is different than the average joes. Maybe its more green? how does it differ from the money the gov. prints out of thin air and what does that do to the value of the dollar?

Apr 11, 2014 9:26AM
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you forgot one of the most valuable deductions....Health Savings Account, HSA..up to $7500 can be contributed each year and deductible.  investment appreciation is not taxed....nor are withdrawals

 if used for healthcare expenses...


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