Tax tips from the experts

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From the Arizona Society of Certified Public Accountants:

Most often overlooked Deductions based on feedback from AZ CPA's:

Itemized Deductions

-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

-Sales Taxes

-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.

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