Don’t overlook tax breaks in your Oct. 15 filing deadline rush

October 4, 2013


Tax breaks_dreamstime_xs_29536914Are you still working on your extended 2012 tax return that's due Oct. 15? Good.

Remember, just because much of the federal government, including the Internal Revenue Service, is shut down, tax laws are still in effect. That means the IRS expects all taxpayers who haven't yet finished their tax filing taxes this year to do so by the upcoming extension due date.

But don't get in too big of a hurry. You might miss some often overlooked tax breaks.

Some of these tax breaks are for itemizers only. Others can be claimed by any filer.

Some are credits that reduce tax bills dollar-for-dollar. Others are deductions that cut the amount of income upon which your tax bill is calculated.

They include non-cash charitable gifts, moving expenses, job-hunting costs, military reservists travel expenses, child-care payments, mortgage refinancing points, myriad medical costs, retirement account contributions, educational expenses and energy-efficient home improvements.

I elaborate on these 10 commonly overlooked tax breaks in my Bankrate story. You also can find details on each in my blog post earlier this year reminding you not to overlook any tax breaks.

Check them out, along with the other Weekly and Daily Tax Tips to make sure that as you finally fill out your 2012 Form 1040 you don't cheat yourself out of any tax savings.

You also might find these items of interest:

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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. 

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Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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