Most Neglected Tax Deductions



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There are so many tax deductions that are available to all those that file taxes and many people arent even aware of what these deductions are. Below are three overlooked deductions that can potentially raise your tax refund.

State Sales Tax is the perfect write off for those individuals that live-in places where there is no income tax. You can make a choice between either deducting your local and state income tax or your local and state sales tax. For most people that are in income tax states, the tax deduction based on your income is the best deal.

If you live in a state with income tax, the IRS has a table for its residents and their particular states which shows you how much you are allowed to deduct; however, the table is just a guide and more can be added to it as well; for example you can add sales tax if you boat a boat, airplane or car. The sales tax can be deducted if it does not go over the allowed sales tax deduction that has been approved for your state and income limit.

First Job Moving Expense is also deductible. Now, if you have expenses that you have received from looking for a job then this is not a deduction that you are entitled to but if you are moving for a job you can get this deduction even if you arent using itemization, $0.23 cents per mile can be deducted if you moved more than 50 miles away and your household items, tolls and parking fees can also be deducted.

Charitable Contributions can include gifts that you have given throughout the year that you have paid for by check, cash or that has come straight out of your payroll check. The good deeds that you are doing throughout the year add up and they can be used as a deduction. If you are one of those people that prepares food for a nonprofit organization or you mail off postcards or mail for a fundraising event and you bought all of the stamps, envelopes and even pens; all this can be a deduction.

Did you drive your car to these events? You can use your mileage as a deduction as well, just be sure to look up how much you can get per mile and use that deduction. The items that you drop off to say a Goodwill company can be used as a deduction as well, just ask them for a receipt.