5 Overlooked Tax Deductions from Turbo Tax

5 Overlooked Tax Deductions from Turbo Tax

According to Turbo Tax, 51 million tax payers itemized their deductions in 2007 claiming over 1.33 trillion in tax deductions. While 91 million tax payers claimed the standard deduction and reduced their taxes by 654 trillion. Now the numbers do look very good for the standard deduction tax payers but if you don’t look at both deduction methods when preparing your taxes, you could be missing out on some very good deductions.

For five often overlooked federal tax deductions look at state sales taxes paid, reinvestment dividends, charitable contributions, student load … Read more at 2009 Tax.

New Vehicle Sales Tax Deduction

If you purchased a new automobile in 2009 you can possibly deduct the sales and excise tax you paid during the purchase. There are a number of different things to consider when determining if your taxes are deductible. State and local taxes are deductible up to $49,500, this is a very nice place to begin.

There is a limit on the weight of your new car, truck, or motorcycle, 8,500 pounds. And purchases must have taken place between the 19th of February 2009 and the end of the year. Some special exceptions are available if … Read more at 2009 Tax.