Cary NC - Real Estate Blog. Filling out tax forms can be time consuming, but it's important to approach this critical task head-on. If you procrastinate and rush through the process at the last minute, you may miss potential tax benefits you deserve. And the sooner you file, the sooner you can score a refund!
Don't overlook potentially valueable deductions for these common situations:
- If you are supplying housing or financial support for a struggling relative, you may be eligible to claim them as dependent or qualify for a more favorable head-of-household status.
- You can deduct medical bills that exceed 7.5% of your adjusted gross income (AGI); only self-employed individuals who do not qualify for a workplace health plan can claim their insurance premiums.
- Certain college expenses up to $4,000 may count as a deduction if your income excludes you from them more generous education tax credits offered for 2010.
- Money spent looking for a job in your current field may also qualify if miscellaneous deductions total more than 2% of your AGI. IF the new position is more than 50 miles away, moving expenses can also be deducted - even if you don't itemize.
- If you use part of your home exclusively for business and can prove it is your principal office space, you may qualify to deduct a portion of your housing expenses.
Happy Tax Filing!