This year I will make $75k and paid $14k Fed Tax. Refund Est says $500 back. What 2007 deductions can I do?

March 31st, 2010

I will clear a little over k taxable income this year. I will have paid k in Federal Taxes. H&R Block Tax Estimator says 0 abck in refund (I understand a CPA will do better). What last minute deductions should I look for to help gain some of the k back?

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  1. Big Prich - March 31st, 2010 at 6:39 am

    business expenses!

    gas for your commute
    wear and tear on your car
    business clothes you had to buy
    business lunches / dinners you paid for

    also if you donated to a charity
    or if you were robbed or involved in an accident

  2. gonesouldirty - March 31st, 2010 at 6:39 am

    Only $500? seems really low….

    dont you have any deductions?

    dependents, charitable donations, etc?

  3. dcgirl - March 31st, 2010 at 6:39 am

    Most of the deductions you can take to get money back will actually take more money out of your pocket, like charitible contributions (although giving to charity is always a good thing). If you own your home, make sure you are taking the deduction for interest you pay on your mortgage and for the real estate taxes; if you made any large purchases (car, boat, etc) and paid a substantial amount of sales tax in one lump sum, make sure you account for that, too. You can always make a big contribution to your IRA or 401(k) at the last minute to bring your taxable income down, too.

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