| It's that time again, the April 15 tax deadline is looming | | | | For those at higher adjusted gross incomes limits |
| large. If youre like most people, you havent gathered all | | | | ($80,000 single, $160,000 married filing jointly) the |
| of your tax records, let alone filled your return.Before | | | | deduction is limited to $2,000 for 2004. This deduction |
| you dig in and get started, take this opportunity to first | | | | must be coordinated with other education credits and |
| review a list of a few tax deductions to which you | | | | savings vehicles.Work-Related Expenses: You can |
| may be entitled if you itemize deductions but most | | | | write off many work-related and work-search |
| people overlook. Many of these deductions are | | | | expenses, such as education that maintains or |
| subject to various limitations, so consider getting | | | | improves your skills, certain business tools, dues to |
| professional help from your tax advisor and | | | | labor unions, cell phone depreciation, certain expenses |
| accountant to determine which deductions you qualify | | | | to search for job in your present occupation, including |
| for and which items apply to your specific | | | | employment agency fees, resum preparation, and |
| circumstances. Remember, there are hundreds of | | | | travel expenses (local and out of town) and cleaning |
| deductions throughout the tax laws; many of them can | | | | and laundry bills when on a business trip. Work-related |
| be quite obscure but also quite lucrative. Here are | | | | expenses are subject to the 2% floor on |
| seven commonly missed deductions to keep top of | | | | miscellaneous deductions. Furthermore, if you buy a |
| mind:Points on Refinancing: With interest rates so low | | | | new SUV for business use that weighs more 6,000 |
| in 2003, there was a great deal of refinancing activity. | | | | pounds, and file Schedule C or other business tax |
| Any points you pay to refinance your home can be | | | | return you may be allowed to write off the full amount |
| deducted ratably over the life of the new loan. | | | | (up to $102,000 in 2004) in one year as a business |
| Furthermore, all unamortized points on old refinancing | | | | expense subject to limitations.Clean-Fuel Deduction: If |
| are deducted in the year of the new refinancing.Health | | | | you are not in the market for a large SUV for |
| Insurance Premiums: Any health insurance premiums | | | | business, you still can get a deduction for your personal |
| you pay, including some long-term care premiums | | | | car, another above-the-line deduction of up to $2,000 |
| based on your age, are potentially deductible. Medical | | | | for 2003 ($1,500 for 2004) of the cost of buying a |
| expenses have to reach 7.5% of your adjusted gross | | | | clean-fuel vehicle or a car that uses a significant |
| income before they give you any tax benefit. | | | | source of energy other than gasoline. That includes |
| Self-employed people can deduct 100% of health | | | | hybrid cars, such as the Toyota Prius, the Honda |
| insurance premiums paid for themselves, their spouses | | | | Insight and the Honda Civic Hybrid. You get the |
| and their dependents.Non-Cash Charitable | | | | deduction in the year you start using the car, and you |
| Contributions: If you have used your charge card for | | | | must be the original owner.Investment and Tax |
| contributions to charity, remember that the deduction is | | | | Expenses: In addition to forgetting to deduct |
| allowed in the year that you made the charge, not | | | | tax-preparation fees and the portion of your legal, |
| when you actually pay the bill. Also, you may write off | | | | accounting or financial planner fees that relate to tax |
| certain out-of-pocket expenses related to charitable | | | | planning, many people miss deducting investment |
| activities. Appraisal fees paid to value property | | | | expenses. Those include certain fees paid to your |
| donated to charities may be taken as a miscellaneous | | | | financial advisor and/or broker and certain IRA fees |
| deduction subject to the 2% floor on miscellaneous | | | | you may pay directly. It also may include mileage for |
| deductions.Higher-Education Expenses: If your adjusted | | | | meetings and long-distance phone calls to your advisor |
| gross income wasnt more than $65,000 ($130,000 for | | | | or broker. Dont forget to include deductions for the |
| married, filing jointly) in 2003, you can get an | | | | cost of your investment publications or subscriptions, |
| above-the-line deduction for as much as $3,000 for | | | | safe deposit boxes used for investment-related |
| any higher-education tuition and fee expense you paid. | | | | documents, these deductions are subject to the 2% |
| For 2004, the deduction can be as much as $4,000. | | | | floor on miscellaneous deductions. |