Don’t overlook tax breaks in your rush to file by Oct. 15

October 8, 2014

Oct 15 tax filing extended deadlineAre you frantically trying to finish your 1040 by the Oct. 15 extended filing deadline? Yes, it is just a week away, so you need to get to work.

But don't be in such a hurry that you miss out on some tax breaks. There are lots of ways to reduce your tax bill, as this week's Weekly Tax Tip highlights.

Some of the 10 often overlooked tax breaks are for itemizers only. Others can be claimed by any filer.

Philanthropic filers should double-check their contribution records. You don't want to miss out on Schedule A deductions for noncash charitable gifts.

If last year was particularly achy for you, be sure to count medical costs beyond just doctors' bills.

Were you in the market for another job? Some of those job-search costs might be deductible. If you got the job and it required you relocate, you might be able to write off many of those moving costs.

Students of all ages should check out educational tax breaks, that include the above-the-line deduction for tuition and fees (yes, it's still applicable to the 2013 taxes you're working on). Don't forget about a couple of educational tax credits — American Opportunity and Lifetime Learning — that students (or their parents) might be able to take advantage of.

Working parents also need to check out the child care tax credit. Nonparents who have other dependents that need looking after should check into this tax break, too.

If you're saving for retirement, don't forget about the possible deduction for your traditional IRA, as well as the retirement savers' credit that could help cut your tax bill even more.

Homeowners who were better refinance risks than former Federal Reserve Chairman Ben Bernanke should check out the tax benefits of claiming refi loan points. Folks who made energy-saving improvements to there residences also might have some tax credit options.

And military reservists can claim some of their travel expenses as deduction without having to itemize.

If you're still working on your 2013 taxes and any of these potential tax breaks might apply to you, you can get more details in the full tip at Bankrate.com.

You also might find these items of interest:

Share:

The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

Latest Posts
The latest Dirty Dozen tax scam list is familiar because too many are still falling for the schemes

March 5, 2026

Tax filing season is also peak time for tax scams. Be on the lookout for…

Read More
Hello Tax Season 2026

Happy New Tax Year! Are you ready to file your 2025 tax return? I know, too early to ask. But Tax Day 2026 will be here before we realize it. The Internal Revenue Service deadline to file and pay any tax we owe is the regular April 15 date this year. It’s also Tax Day for most of the states that collect income taxes from their residents, which is most of the states! If that seems too far away right now, don’t worry. As is the case every tax season, the ol’ blog’s tips and other tax reminders should help all of us meet our state and federal responsibilities. Procrastinators also will want to keep an eye on the countdown clock just below. It tracks how much time we have until April’s Tax Day, just in case we put off our annual tax task until the absolutely final hours and decide we need to instead get an extension request into the IRS by that date. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
Leave the first comment