Accountants Say Many Are Missing Out On Some Great Deductions
DENVER (CBS4) – Coloradans are filing their taxes and accountants say they are missing out on some great deductions.
4 On Your Side Money Saver Suzanne McCarroll found some help for people to fill in blanks on their tax form that they might otherwise miss.
There’s even help for those out of work. Looking for a job is not fun, but traveling to search for a job is tax deductible. It’s on Schedule A itemized expenses. Those who attended a job fair can write off the entry fee. The price of getting resumes made is tax deductible as well.
“So many people have refinanced their homes over and over and over, they’re now entitled to take those points they haven’t deducted and take them all in one year,” Certified Public Accountant William Fraser said.
Those who volunteer for a charity, such as the Boys & Girls Club, get all their gas mileage deducted when driving to and from an event.
Long-term care insurance is often tax deductible.
“Most people in Colorado, if you have a single policy are entitled to a $150 credit for buying long-term care insurance,” Fraser said.
Be prepared for a smaller refund this year because of a change in the “Making Work Pay Credit,” which was an $800 credit for a two-career couple.
When using an online tax return, get briefed before starting the taxes.
“Look at a Schedule A and look at all of the deductions you have available to you — the sales tax deduction, the property tax deduction, the interest, the points, the tax preparation fees,” Fraser said.
University of Colorado Leeds School of Business students are offering free clinics for those who qualify. Visit the Leeds School of Business website for more information.