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Debbie's Deals: Most-Overlooked Tax Deductions
Americans Claim Nearly $1Trillion In Deductions
POSTED: 11:20 am MDT March 16, 2010
UPDATED: 8:30 am MDT March 17, 2010
DENVER -- I don't have to tell you it's tax time. Your return must be in the mail in less than a month, April 15th.About 46 million of us itemize on our 1040s -- claiming nearly $1 trillion worth of deductions, according to Kiplinger.com. So the Web site put together a list of 19 of the most-overlooked deductions.Here are a few of the highlights.
Out-of-pocket charitable contributions. Most of us remember the checks we write to charities, but the little things add up, too. For example, Kipliner's says you can write off the ingredients for casseroles you prepare for a nonprofit organization’s soup kitchen and stamps you buy for your school’s fundraising mailing count as a charitable contribution. If you drove your car for charity in 2009, you can deduct 14 cents per mile.Sales-tax deduction for new vehicles. If you bought a new car, truck, motorcycle or motor home between February 17, 2009 and December 31, 2009, you can deduct the sales tax paid -- up to a maximum purchase price of $49,500 per vehicle -- either as an itemized deduction or, if you claim the standard deduction, as a supercharged standard deduction.Credit for energy-saving home improvements. The tax credit equal to 10% of the cost of energy-saving home improvements is increased to 30% for 2009 and 2010, up to a maximum of $1,500 in the two-year period. The credit applies to biomass fuel stoves, qualifying skylights, windows and outside doors, and high-efficiency furnaces, water heaters and central air conditioners.Read more at Kiplingers.com.If you have a freebie or other deal, send your tips to Debbie (Debbie@thedenverchannel.com).Get the latest deals by following me on Twitter @DebbiesDeals. And don't miss a Debbie's Deal! Sign up for a daily e-mail alert by visiting our e-mail alerts page.
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