Tag Archives: Tax deduction

Tax Deductions Most People Miss On TurboTax

Discover the Most Overlooked Tax Benefits

Reduce your taxes by claiming tax deductions. The following is a list of tax deductions most people miss on Intuit’s Turbotax.

1. State Sales Tax
When doing business, payment of sales tax to the state is often necessary. For individual taxpayers, moneys paid towards sales tax can be claimed as tax deduction. For instance, if you purchased a car, you can claim a deduction equivalent to the sales tax rate for your state on the value of that vehicle.

2. Reinvested Dividends
This is not really a tax deduction … Read the rest

5 Overlooked Tax Deductions From Turbo Tax

Taxes

Taxes (Photo credit: Tax Credits)

According to the website Turbo Tax, there were over 51 million current tax payers who listed tax deductions over the year 2007. They claimed more than 1.33 trillion dollars in tax deductions. At the same time, more than 91 million people claimed the regular standard deduction. They managed to reduce their tax by 654 trillion dollars. These numbers look good for tax players who are doing standard deductions. However, you need to look at both methods of tax deduction when you are preparing to do you taxes. If you don’t, you may miss out … Read the rest