Deductions Help You Get Breaks You Deserve
You're a business owner who's not diligent about receipts. Fear of the audit police leads many people to overpay. "They don't have the paperwork and receipts, so they don't take what they're entitled to," Weltman said. "It's absolutely worth the trouble."
You are reinventing yourself: Education breaks are among the most missed. Check out the Lifetime Learning Credit and the Tuition and Fees deduction. If you're improving your work skills or job hunting in the same field, you may also be eligible to claim deductions.
You want to pass assets to your kids: The depressed stock market makes it a very good time to give away money. You can give up to $12,000 a year to any person you like (a couple can give $24,000) without running into lifetime gift restrictions or gift tax.
You filed early. Congress is notorious for making changes that don't make the preprinted forms. Keep your eye on the newspaper and check out the IRS' surprisingly readable website at IRS.gov.
Are your taxes already filed? Learn how to make the most out of next year's refund.