DON'T MISS: Tax Deductions and Credits - KMSP-TV

FOX 5 I-Team

DON'T MISS: Tax Deductions and Credits

Posted: Updated:
ATLANTA, Ga. -

Let's finish up our tax time filing tips that we've offered this season with a quick look at deductions and credits too many folks forget.

JOB SEARCH EXPENSES
Many of you were job hunting last year. If so, you can deduct traveling expenses to interviews, the cost of sending out resumes and fees to any placement agencies.  

EARNED INCOME TAX CREDIT

This is a refundable credit for folks who make what is considered low to moderate income.  But you have to file even if you made very little.  Depending on your income, Bill Nemeth, the tax expert we've been checking in with this tax season says that it can be worth up to $6,044.

DEDUCT STATE SALES TAX

Did you know that you can deduct your state sales tax? But, note this:  It's only available to people who can itemize.  You have two options:  You can total all of the sales tax you paid all year which is hard work for you.  Or, you can use the IRS tables for a general formula.   

CHARITABLE DEDUCTIONS

Don't forget those charitable deductions. Many of us don't donate large sums of money, but we do drop off clothes to charity groups.  Estimate what they're worth and deduct. Some of you participate in groups like "Meals on Wheels" or travel to, say, hospitals, to volunteer. That mileage could be deductible.

AMERICAN OPPORTUNITY TAX CREDIT

Got somebody in college? Maybe taking a class yourself? Don't forget to check on the rules for the American Opportunity Tax Credit.  You could be looking at $4,000 in credits for tuition and fees for yourself or for a dependent.

RETIREMENT SAVER'S CREDIT

Now, here is a tax credit the IRS says is very underused - the Retirement Saver's Credit.  In a just released a report it says that millions of dollars isn't claimed.  So use it! Look it up.  If you make modest wages the IRS actually offers you a credit for your retirement contribution, providing you're in a qualified retirement plan.

 

RELATED STORIES

Your Tax Questions Answered

Changes coming to your 2013 taxes

  • I-Team Story ArchiveMore>>

  • Mom confronts Ray McBerry over modeling request

    Mom confronts Ray McBerry over modeling request

    Monday, July 28 2014 10:31 PM EDT2014-07-29 02:31:15 GMT
    A twice-failed candidate for Georgia governor found himself face-to-face with a mother furious over what he was trying to do this month with her teenage daughter.
    A twice-failed candidate for Georgia governor found himself face-to-face with a mother furious over what he was trying to do this month with her teenage daughter.
  • Unresolved bank errors? Help is on the way

    Unresolved bank errors? Help is on the way

    Monday, July 28 2014 8:11 AM EDT2014-07-28 12:11:30 GMT
    Taking on a big bank, even over something like a minor bank error, can be maddening. You feel like no one is listening. It's like being trapped in a maze you can't get out of, but somebody is noticing how frustrating that can be.
    Taking on a big bank, even over something like a minor bank error, can be maddening. You feel like no one is listening. It's like being trapped in a maze you can't get out of, but somebody is noticing how frustrating that can be.
  • I-Team Investigation

    Former Douglas Co. D.A. office manager indicted

    Former Douglas Co. D.A. office manager indicted

    Sunday, July 27 2014 3:24 PM EDT2014-07-27 19:24:49 GMT
    There are major new developments today in the state investigation of the Douglas County District Attorney's office. Tammy Agan, the former office manager, has been indicted on 58 counts of theft and making false statements.
    There are major new developments today in the state investigation of the Douglas County District Attorney's office. Tammy Agan, the former office manager, has been indicted on 58 counts of theft and making false statements.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Good Day Atlanta

    Will they melt? Good Day tests Walmart ice cream sandwiches

    Will they melt? Good Day tests Walmart ice cream sandwiches

    Tuesday, July 29 2014 10:48 AM EDT2014-07-29 14:48:05 GMT
    A summertime treat makes headlines for its reported unusual longevity. A mom in Cincinnati, Ohio told WCPO-TV that she left her son's Walmart ice cream sandwich outside overnight- and it never fully melted!
    A summertime treat makes headlines for its reported unusual longevity. A mom in Cincinnati, Ohio told WCPO-TV that she left her son's Walmart ice cream sandwich outside overnight- and it never fully melted!
  • Citizens concerned over Fulton County road

    Citizens concerned over Fulton County road

    Tuesday, July 29 2014 10:44 AM EDT2014-07-29 14:44:05 GMT
    A local advocate group says their part of town has been neglected for years by the Georgia Department of Transportation. The group "Citizens for Better Roads in South Fulton County" says finally, improvements are coming to I-285 where they live.
    A local advocate group says their part of town has been neglected for years by the Georgia Department of Transportation. The group "Citizens for Better Roads in South Fulton County" says finally, improvements are coming to I-285 where they live.
Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices