Real Estate 411 - The Most Overlooked Tax Deductions

Every year, the IRS reports the most common blunders that taxpayers make on their returns. Every year, at or near the top of the “oops” list is forgetting to enter their Social Security number correctly on the tax form, or forgetting it entirely! No doubt about it: The opportunity to make mistakes is almost unlimited, and missed deductions can be the most costly. Tax time is a dangerous time and it can be easy to miss a trick and pay too much.  In the IRS and professional tax auditing circles, it is a known fact that millions of taxpayers overpay their taxes every year by overlooking just one of the money-savers listed below:

Here are 13 lucky breaks that could be yours.

Read the details on these 13 tips here.

1. State sales taxes
2. Reinvested dividends
3. Out-of-pocket charitable contributions
4. Student-loan interest paid by Mom and Dad
5. Job-hunting costs
6. Moving expenses to take your first job
7. Health insurance deduction to reduce self-employment tax 8. Child-care credit
9. State tax paid last spring
10. Refinancing points
11. American Opportunity Credit
12. Making Work Pay credit
13. Credit for energy-saving home improvements

Read the entire article with details on each tax saving deduction, plus get access to the online slide show provided by Kiplinger.com.

Be informed and ready this year when you file your taxes and do check with a tax professional on your status before you get started.  For more information on current tax credits and allowable deductions visit www.irs.gov. 

The average tax refund has risen to almost $3,000 - what will you do with yours?

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The IRS reports that the average tax refund has risen to around $3000, pumping $328 Billion dollars into American pocketsthat’s no small chunk of change. Not surprisingly, consumers are already planning how to spend that extra money!

Just for fun, we have come up with our top 10 list of ways to spend your tax refund - we believe these suggestions are financially responsible AND will put a little KICK back into your lives this year!

1. Use as a downpayment on a new home
2. Pay off your credit cards and restore your credit
3. Plan a Spring/Summer vacation
4. Open or boost a retirement savings account
5. Use the cash to start an emergency fund
6. Start a college savings plan for your kids
7. Improve your home's energy efficiency
8. Find a charity and give to others
9. Spruce up your outdoor living areas
10. Hardwire your living/media room

If you are expecting a sizable return this year, how do you plan to spend it?

Troy Olson
CENTURY 21 Judge Fite Company

972-804-8803 or email troy@troyolson.com