Now is the time to take yourself to a quiet corner of your Tampa FL home and begin to plan out your income tax deductions as you think ahead to April.

taxOften overlooked deductions:

  • Most homeowners know that mortgage interest is deductible, but did you know that mortgage points are, too?  Points are prepaid interest and may be deductible as mortgage interest on your Tampa FL home if you itemize deductions on Form 1040, Schedule A.
  • Moving expenses: If you move more than 50 miles for a new job, expenses such as movers, renting a truck, cost of breaking a lease, storing furniture, legal fees, real estate commissions and the cost of food and hotels while moving can be claimed as deductible expenses.
  • Job hunting costs: If looking for a position in the same line of work you held previously and you itemize, you can deduct expenses associated with trying to land a new position, including out-of-town lodging, transportation, employment agency fees, and  business card and resume printing costs.
  • If you turned 65 in 2012, remember that you now deserve a bigger standard deduction.
  • Medicare insurance and long-term care premiums: Remember to include the cost of Medicare Parts B, C, D, and supplemental insurance when you are trying to reach the magic 7.5%.
  • State sales tax (if extended by Congress): In previous years you have had a choice between deducting state income taxes paid or state sales taxes paid. Since you will choose whichever gives you the largest deduction, bear in mind the purchase of big-ticket items and home building materials. Fingers crossed for a congressional extension.
  • Members of the U.S. Armed Forces, especially those serving in combat zones, face some special tax situations and are entitled to some special tax benefits.  Click here for specific details.
  • Early withdrawal penalty:  Did you cash in a CD early this year? If you got charged a fee for that, you can deduct it directly on your 1040. Financial Planning and Management Expenses, Schedule A, Line 23.
  • If you subscribed to an investment newsletter, paid a financial advisor, or otherwise spent money to manage your money, these fees can be deducted.

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