Most taxpayers are aware that state and local income taxes are deductible if you itemize on Schedule A. But there is another state payroll tax deduction that is often overlooked.
There are situations where taxpayers who do not hold title to the property can claim the tax and interest deductions.
You can deduct on Schedule A the municipal, school and county, and state and foreign, real estate taxes, based on the assessed value of real property, that you paid during the past year.
You do not need to actually claim a person as a dependent on your 2013 Form 1040 to be able to deduct medical expenses you paid for that person.
Beginning with 2013, thanks to the Affordable Care Act, if you are under age 65 medical expenses are deductible only to the extent that the total exceeds 10% of your Adjusted Gross Income (AGI). But there's more.
Do not fail to claim a legitimate and documented tax deduction just because you read somewhere that it is an IRS "red flag" and claiming it will substantially increase your chances of being audited.
Nice try, but don't make these mistakes.
Learn it well before April 15 arrives.
These deductions reduce your Adjusted Gross Income and are the most important. Let's take a look.
You have questions? We have answers.