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