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TrustDale Tip of the Day: *Commonly Missed Tax Deductions to Put Cash in Your Wallet
|Everyone loves a good tax deduction. Unfortunately, as taxpayers scour their drawers for every last cab receipt, they might be overlooking bigger deductions and credits that are not widely known. Five tax experts reveal their "tricks of the trade" on deductions and credits.|
Driving to the Fundraiser
You can't deduct the volunteer work you do for charity. But you can deduct any expenses related to that work. If you drive disabled children to a baseball game once a week or pay parking to attend board meetings at a literacy charity, you can claim a standard mileage deduction or itemize your gas costs.
...Or to the Doctor
A similar rule applies to medical travel. If your total medical expenses exceeded 7.5 percent of your adjusted gross income, you can write them off. This means you can include any travel or parking costs incurred for doctors' appointments. The mileage allowance for 2009 is 24 cents per mile.