Missed Tax Deductions

POSTED BY: Katie Jeffries
Friday, January 29, 2010 - 06:27 PM
Elliot speaks about deductions


Many people are receiving their W-2 forms and that means tax season is right around the corner.

But as people are preparing their taxes, there are many deductions that can be easily forgotten.

"The new one this year, the making work pay credit that 6.2% of earnings up to a maximum of $400, but there is a reduction if you have received one of the recovery payments in the summer, the DA or Railroad or Social Security.  So that is brand new for this year and there is a lot of people that have no idea they are even entitled to that," says Susan Elliot the Franchise Owner for Jackson-Hewitt Tax Service.

There is also a retirement credit of 10-50% depending upon your situation. The money spent in gas or supplies for volunteer work is also a deduction if you itemize. That same concept applies for your medical miles.

"There is a lot of people that don't realize you can take your medical miles off.  That it is 24 cents this year and if you pick up prescriptions go to the doctor, even if you go to Columbus and you have to pay parking fees the parking fees are deductible too, that is if you itemize," says Elliot.

Elliot says people are often surprised by the amount of tax deduction they have been missing. If doing your taxes seems overwhelming, staff at Jackson-Hewitt Tax Service is available to help and find deductions you may have been missing. Also, if you have moved, don't forget to turn in your change of address form to the IRS. Elliot says if you don't notify the IRS you moved, you may not receive your refund check.

 

 

Katie Jeffries

KJeffries@whizmediagroup.com


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