Top 5 Missed Tax Deductions

To counterbalance my last post on audits, here are CNN Money’s top 5 missed tax deductions.

  • Stay ahead of the game - That is, keep up to date on last minute changes in tax laws
  • Got hybrid fever? Get on the list now - If you buy a hybrid car, you may be eligible for tax break of up to $3400
  • Be Specific - Keep track of the specific amounts you donated to charity
  • Add up your medical costs - Don’t forget things like contact lenses, eye glasses, and hearing aids
  • Claim your parents - If you support elderly parents, you may be able to claim them as dependents

The hybrid deduction is very cool. Personally, I don’t own one myself but I have been considering them. Philly has a car share program that I participate in and virtually all the cars are hybrids. The Prius is a great car with excellent gas mileage and it drives very well. Something I’d strongly consider if I were in the market for a new car.

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