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March 12, 2010
Ten Overlooked Tax Deductions

1.) Miscellaneous deductions on your itemized deduction form (investment and tax expenses, unreimbursed employee expenses, etc.).

2.) Business owner deductions (especially if you file a schedule C or have a single member LLC).

3.) State sales taxes (especially for individuals who live in states with no income tax).

4.) Non-cash charitable contributions (do you know what that bag of stuff is worth?).

5.) Teacher expenses (I’ve hardly ever met a teacher who didn’t buy some supplies out of pocket).

6.) Points (on new mortgages and on refinancing).

7.) Mileage (charitable, medical, business, and moving).

8.) Private loans (if you have documented and if they haven’t paid back). 

9.) Student loan interest (often missed after someone graduates college).

10.) Including reinvested dividends to your cost basis on the sale of a mutual fund (many fail to include because they don’t understand).


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Ted Jenkin CFP®, CMFC®, AAMS®, AWMA®, CRPC®, CRPS® is the founder of oXYGen Financial located in Atlanta, GA. He has done numerous radio shows, and has been featured before in Smart Money and Atlanta Magazine. See his blog at www.yoursmartmoneymoves.com, and breathe easier® with his daily financial advice.

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