With the end of the year fast approaching, there’s still a lot of things that need to be done. Have you fully maximized that amount that you could possibly get back from taxes? Here are some items often overlooked:
- Charitable contributions. We used to always forget about this for the BF. His work automatically takes out charity deductions out of his paycheck every week, and we used to always forget including this. Which was stupid because he pays around $15-$20 a week!
- Student loan interest. I don’t know about you, but I ALWAYS remember this, but that’s because I pay so much! Even if your mom or dad pays off your loans for you, you can still claim this if the loan is in your name.
- State sales taxes. I would look into this further for information on your own state. But where I live, we cannot claim this, but some others can.
- Job hunting costs. If you’re looking for a position in the same line of work that you used to have (cannot be your first job), you can deduct job-hunting costs as miscellaneous expenses if you itemize (only if the total of your miscellaneous itemized deductions exceed 2% of your adjusted gross income).
- State tax paid last tax season. If you owed state taxes for 2010 when you filed in spring of 2011, then don’t forget to include this in your 2011 state tax itemized deduction because you paid it in 2011! I used to never do this, but I finally did this last year.
What do you still have to do? What have I forgotten?