7 Tax Deductions You Might Be Overlooking

February 3, 2009

Everyone wants to avoid paying more taxes than necessary, so begin by making sure you're taking all the deductions applicable to your situation. Start the slideshow to see seven commonly overlooked tax deductions to ensure you're not overpaying the government.

1 / 10

by POPSUGAR Smart Living 6

1 / 10

by POPSUGAR Smart Living 6

‹ Back to Homepage

popsugar live!

NOW

Click to watch POPSUGAR Live! now!

Taxes Tax Return

6 Comments

Butrfly4404 4 years 15 weeks

WeTheLiving - The IRS website says that you can deduct interest on student loans and qualified residence loans, but not personal interest (credit cards, car loans), as long as you are legally respobsible for the debt. http://www.irs.gov/taxtopics/tc505.html

WeTheLiving 4 years 15 weeks

The article mentioned deducting loan interest paid by parents, but what if you pay your own loan interest? My friend said you can deduct interest you paid on loans. Anyone know if that is true?

True Song 4 years 15 weeks

I thought this was going to be my big year to itemize, but moving expenses are "above the line" so it's actually better because I get to take my moving expenses on top of the standard deductions, but I thought they were finally going to be enough for me to itemize like a grown up tax payer. : )

lilkimbo 4 years 15 weeks

I probably don't most years, but there were years when I straddled the line, like when I donated a car. Most of the time, it wouldn't be worth it, though, you're right.

True Song 4 years 15 weeks

but lil k, not to pry, but do you make more than the standard deduction in chartiable contributions? I try to give where I can, but I don't come near donating $5400 or whatever it is.

lilkimbo 4 years 15 weeks

Good tips, Savvy. I always say I am going to itemize my charitable deductions and, without fail, I wind up taking the standard deduction instead.