Tax Deduction Checklist - Did You Miss Any of These Deductions?

###Tax Deduction Checklist - Did You Miss Any of These Deductions?###

Tax deductions are what gets you bigger refunds. If you itemize your tax return you need to have a good idea of what you can deduct. This checklist covers most of the major tax deductions.

Estimate Tax Return

Tax Deduction checklist
Form 1098, or your mortgage statement. Form 1098 if you purchased a home in former tax year, and prior tax return if you refinanced in prior year and are deducting points on that loan over its life, Investment interest expense: Brokers' statements showing any margin interest paid and loan statements for loans taken out to buy investments Losses due to theft etc. With description of property and guarnatee reports showing reimbursement or any cancelled checks showing value of property. Charitable donations: bills receipts or cancelled checks for cash donations, mileage records for charitable purposes, receipts from charitable agency with estimated value in the case of property donations, prior years' tax returns for any unused charitable contributions. All work connected expenses : reimbursement check stubs or reports from employer, union dues, receipts bills or invoices for supplies, gifts to clients, any uniforms or extra clothing, seminars attended, professional publications and books. Trip data including invoices receipts etc for transportation, lodging, restaurants, parking etc. Any job crusade expenses and job connected educational expenses. Misc. Deductions like Tax preparation fees, cost of wage tax return preparation software and books, Safe deposit box rental fees from bank. Ira custodial fees, investment advice costs. Last year's state wage tax return, Forms W-2 and any cancelled checks for state estimates you've paid. Medical and dental expenses including Form Ssa-1099, year-end pay stub for premiums paid through your after tax wages Mileage records for trips to the doctor, clinics, etc. Real estate tax accumulator bills or cancelled checks and Form 1098 or closing statement if you bought, sold, or refinanced property in the tax year. Any tax bills or cancelled checks for personal property tax like automobiles etc. Employee Ssn and wages paid while tax year to any household employees. Records showing any estimated tax payments or overpayments for prior years. If you want your reimbursement to be deposited into your bank catalogue you need the Routing estimate and Bank catalogue number. Any foreign bank catalogue data with name, location catalogue estimate and catalogue value.

You could save huge in tax preparation fees by being a bit organized. You can save a lot of time by getting all your required documents in order before you go to a tax preparer or start your tax return online.

Tax Deduction Checklist - Did You Miss Any of These Deductions?