Tax deductions are what gets you bigger refunds. If you itemize your tax return you need to have a good idea of what you can deduct. This checklist covers most of the major tax deductions.
Tax Deduction checklist
* Form 1098, or your mortgage statement.
* Form 1098 if you purchased a home in previous tax year, and prior tax return if you refinanced in prior year and are deducting points on that loan over its life,
* Investment interest expense: Brokers’ statements showing any margin interest paid and loan statements for loans taken out to purchase investments
* Losses due to theft etc. with description of property and insurance reports showing reimbursement or any cancelled checks showing value of property.
* Charitable donations: bills receipts or cancelled checks for cash donations, mileage records for charitable purposes, receipts from charitable agency with estimated value in the case of property donations, prior years’ tax returns for any unused charitable contributions. Continue reading ‘Tax Deduction Checklist – Did You Miss Any of These Deductions?’ »