March 17, 2013

Filed Income Tax Return

We had our appointment with our accountant yesterday and it didn't last longer than I expected so we decided to bring our son to the nearest mall so he could play on the newly renovated playard while hubby watched him and I did my shopping. It's been a while since I had a shopping galore due to my working schedule and even I'm off I prefer to rest at home and take care of my son. Before we went to our accountant, I browsed online on what are the common missed/overlooked deduction and credit so I could prepare if I have any of them. I want to share the article that I found in summarized as follows:
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
Transportation expenses incurred as part of the job search, including 55.5 cents a mile for driving your own car plus parking and tolls Food and lodging expenses if your search takes you away from home overnight Cab fares Employment agency fees Costs of printing resumes, business cards, postage, and advertising
6.  The cost of moving for your first job
7.  Military reservists' travel expenses
8.  Deduction of Medicare premiums for the self-employed
9.  Child-care credit
10.Estate tax on income in respect of a decedent
11.State tax paid last spring
12.Refinancing points
13.Jury pay turned over to your employer
14.American Opportunity Credit
15.Credits for energy-saving home improvements
16.Additional bonus depreciation
17.Break on the sale of demutualized stock
18.Tax-free transit subsidy
19.Deduct those blasted baggage fees
What suprised me was the number 5, really? I can't believe that job-hunting cost could possibly be considered tax deduction. Well, with all the tax that we're paying (federal,state,sales,property and etc.), we deserve to have tax deduction or credits.

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