Every year we get the calculator and tax forms out or go online and spend hours doing our taxes, in hopes of getting a refund. But you may be surprised to learn, there are deductions out there that you could be missing out on.
Did you make a contribution to a charity last year? Experts say, the number one thing people miss out on is the mileage deduction that's associated.
Americans are generous people. Wealth Manager and Tax Advisor Rick Rodgers says in 2010, Americans gave more than $290 billion to charities and knowing the deduction rules associated with charities will help you get more money at tax time.
Rodgers says those types of deductions are things many don't think of. "I would think looking at the ones, that we see the most frequently and the most frequent ones, is where you forget to carry over losses or charitable contributions."
Rodgers says don't forget to take the mileage deduction when it applies to charity donations. Any deductions unused in 2011 can be carried over to 2012. "You're allowed a limitation for losses and that $3,000. But if you have $10,000 of losses, you don't lose the other $7,000, they carry into the next year."
He says health insurance premiums are an often overlooked deduction. Transportation expenses for trips to medical facilities are also deductible.
You can thank your orthodontist for this deduction. Experts say, if an orthodontist says your child needs to learn the clarinet to fix his over bite, then the lessons can be a deduction.
These days, even getting fit could get you money during tax time as well. The IRS ruled that obesity is a medical disease requiring treatment. Some treatments that exceed 7.5% of your adjusted gross income, for instance bariatric surgery, can be deducted.
We contacted the IRS, and they encourage you to take advantage of all of the deductions legally available, but if you're confused about things, they encourage seeing a tax professional.
Did you make a contribution to a charity last year? Experts say, the number one thing people miss out on is the mileage deduction that's associated.
Americans are generous people. Wealth Manager and Tax Advisor Rick Rodgers says in 2010, Americans gave more than $290 billion to charities and knowing the deduction rules associated with charities will help you get more money at tax time.
Rodgers says those types of deductions are things many don't think of. "I would think looking at the ones, that we see the most frequently and the most frequent ones, is where you forget to carry over losses or charitable contributions."
Rodgers says don't forget to take the mileage deduction when it applies to charity donations. Any deductions unused in 2011 can be carried over to 2012. "You're allowed a limitation for losses and that $3,000. But if you have $10,000 of losses, you don't lose the other $7,000, they carry into the next year."
He says health insurance premiums are an often overlooked deduction. Transportation expenses for trips to medical facilities are also deductible.
You can thank your orthodontist for this deduction. Experts say, if an orthodontist says your child needs to learn the clarinet to fix his over bite, then the lessons can be a deduction.
These days, even getting fit could get you money during tax time as well. The IRS ruled that obesity is a medical disease requiring treatment. Some treatments that exceed 7.5% of your adjusted gross income, for instance bariatric surgery, can be deducted.
We contacted the IRS, and they encourage you to take advantage of all of the deductions legally available, but if you're confused about things, they encourage seeing a tax professional.