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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"|
Magazines and Television
If you're self-employed, you can write off any expenses related to your job -- as long as you're incurring these expenses exclusively for work. If you subscribe to food magazines because you're a chef, make sure to include those in your return. If you watch TV because you're an actor who needs to keep an eye on the competition, that's another deduction.
And don't forget the mother of all deductions: the home office. If you use a room in your home, or even a particular corner, exclusively for work, you can deduct a portion of your rent or mortgage payments, says Sara Turner, a tax research specialist at the National Association of Tax Professionals. "You have to be self-employed, which means you're not an employee of a company and not receiving a W-2," she says.
Not a First-Time Home Buyer?
You've probably heard about the $8,000 tax credit for first-time home buyers. But do you know about the $6,500 credit for repeat homeowners? "That's money in your pocket," says Cohen, explaining that the $6,500 "repeat home buyers credit" goes straight into your bank account, rather than counting as a deduction that you take against income.