Big Tax deductions too many people miss

March 9, 2009 by: JoeyK

Taken From MSN

 

Noncash contributions

Get a receipt from the charity to which you made a donation, and, if you’re still worried about documentation, get the credit card company to send you their record of the transaction.

Now, let’s say you emptied your closets and gave everything to Goodwill or a similar charity. The value of your donated items — clothes, furniture, whatever — is deductible. Get a written receipt. With noncash charitable contributions, the rule is simple: No receipt means no deduction if you get audited.

 

 

Health insurance premiums

Any health insurance premiums you pay, including some long-term-care premiums based on your age, are potentially deductible.

 

 

Educator expenses

If you’re a qualified educator, you can get an above-the-line deduction of as much as $250 for materials you bought in 2008 and may buy in 2009. That includes books, supplies and even computer equipment.

 

 

Clean fuel credit

If you bought a new hybrid gas-electric auto or truck in 2008, you can get a conservation tax credit of between $250 and $1,000 and an additional fuel economy credit of between $400 and $2,400, depending on the make and the fuel economy.

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