5 tax deductions you could be missing

Published On: Apr 05 2012 09:35:27 PM EDT
IRS 1040 tax form

One-trillion dollars: that's how much in deductions 45 million Americans who itemize their taxes are claiming.  Meanwhile, the 92-million people who are using the standard deduction are claiming $300 billion less.
With the April 17 deadline approaching, here are some deductions you might be overlooking.

  1. If you're a job hunter, you might be able to deduct everything from the cost of printing resumes to employment agency fees.
  2. If your parents are paying off your student loan, you can still get up to a $2,500 deduction on the interest, if you're not claimed as a dependent.
  3. If you're self-employed and travel a lot, write off all those baggage fees! they can add up to a big deduction!
  4. If you buy anything for a charity event and the total is over $250, you can deduct that amount.
  5. If you use your car for a non-profit, you can write-off 14-cents per mile as well as tolls and parking.

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