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