Tax tips from the expertsPosted: Updated:
From the Arizona Society of Certified Public Accountants:
Most often overlooked Deductions based on feedback from AZ CPA's:
-Health Care expenses, even though they may not be deductible on Federal Return, all expenses are deductible on AZ return.
-Mileage for Medical and Charity work.
-Personal Property Taxes - Vehicle License Taxes paid
-Moving expenses and job search costs
-Failing to deduct 'AZ Credit Contributions' to items such as AZ School Tuition Credit programs on the Federal return as a charitable contribution.
-Tax Preparer Fees
-Points on the initial home mortgage and unamortized points of a refi when the home is sold or has a 2nd refi
-Casualty and theft losses
-Appreciation of donated property to charity (Although "Depreciation" is today's norm) and related appraisal costs.
Changes to watch for:
-Mortgage Debt Cancellation - Primary Residence, $2M debt limit MFJ or $1M MFS.
-Unemployment Benefits normally fully taxed, the first $2400 for 2009 is not taxed.
-First Time Homebuyer and Long Time Homeowner Purchase Credits - depends on time line of transactions, credits varied in amounts. The earliest credits may have to be repaid in part if you sell the home before 36 months pass.
For free tax help, visit http://www.irs.gov.