Tag: tax deductions

Taxes on a Budget – The Cardinal Rule

A recent questionnaire directed to a group of tax professionals revealed that some of the most overlooked tax deductions are moving expenses, non-reimbursed employee expenses, medical miles driven to the doctor, job hunting expenses, sales tax on new vehicle purchases and the various credits given to tax payers each year such as the earned income credit, residential energy credit, and the child and dependent care credit. In addition, each year brings new tax regulations or changes to existing regulations.

For example, the 2009 tax season brought about three specific new credits which many have never heard of:
-The Making Work Pay Credit
-The American Opportunity Credit
-The Plug-In Electric Vehicle Credit

If this is your first time learning of these tax credits, you probably shouldn’t be doing your taxes without the help of a professional. Ricky Pritchard, an Enrolled Agent (EA) licensed to practice before all divisions

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