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