Posts Tagged ‘income taxes’

Three Most Often Missed Tax Breaks

Posted April 15, 2010 by Bernz

Many Americans prepare their own taxes in order to save money and to ensure that they have a good grasp of their financial situation.  However it can be a challenge to keep current with tax law and to understand the deductions that are available.  Many taxpayers miss opportunities to save money and pay fewer taxes.

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Here are three of the most often missed tax deductions.

Non-cash Donations

It is easy to remember to claim cash donations on tax returns as receipts are issued by charitable organizations.  However many taxpayers do not remember to track the value of the goods they donate throughout the year.  Used goods donated to organizations like the Salvation Army and Goodwill can save you money in your taxes.  From the tax year 2007 forward, all noncash donations require a receipt.  Make a list of the goods that were donated and value each one.  There are several different ways to do this.  You can go into the stores and look at the prices they are charging for similar items.  You can also use programs like TurboTax’s It’s Deductible to place an approximate value on your items.  Keep in mind that the items have to be in good or better condition in order to qualify for tax deduction. (more…)


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