10 big deductions too many people miss

This article from MSN Money relates 10 easy-to-forget tax deductions that could mean a lot of money either going in your pocket... or going out.

Article by By Jeff Schnepper:

"If you don't know about a potential tax break, you won't take it. Here are the deductions that a lot of taxpayers seem to forget.

How many times have you done your taxes and, three weeks later, learned you had missed the opportunity for a deduction? Too many, I'm sure. How can you not miss these deductions the next time? Start planning now.

I've found a number of deductions that my own clients often miss. Here are 10 of them that can affect your tax bill for 2004 and your tax planning for 2005. "

1. Noncash contributions
2. New points on refinancing
3. Old points on refinancing
4. Health insurance premiums
5. Educator expenses
6. Student higher education expenses
7. Clean fuel deduction
8. Investment and tax expenses
9. Casualty deductions
10. Retirement tax credit

Filed under: Money Taxes & Software