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 | From Jen Hubley, your About Today Editor It seems that no matter what I do, come tax time, I owe money. I think that this is partly good planning, in that I don't really want to give the government an interest-free loan every year, and partly laziness. I know I'm probably leaving loads of deductions on the table. | |
3 Tips to Maximize Itemized Tax Deductions
For example, these three deductions, any of which could wind up saving you a ton of money.
| Should You Itemize?
The first year I decided to itemize, I wound up realizing that taking the standard deduction actually made a lot more sense. Of course, I was just out of college, made no money, and owned nothing. So that was simple. Depressing, but simple.
| Tax Deductions for Charitable Donations
I've also spent upwards of two hours searching for a receipt, only to realize that donating to political candidates isn't tax deductible. I wish I could deduct for my time on that one. Maybe chalk it up to a loss?
| Can You Take the Home Office Deduction?
Here's another one that trips people up. The home office deduction does not, in fact, apply to every home office.
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