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Don’t overlook these tax breaks

April 5, 2008

With just over a week to finish up our 2007 Form 1040s, all of us late-season filers are starting to get serious.

Many are in good shape, despite the late date. They have all the data and documentation they need; it’s just a matter of entering the info and sending it to the IRS.

Others are a little less organized, but still plan to make the April 15 deadline.

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Regardless of which group you belong to, make sure you don’t get in a hurry and miss out on a tax break or two. Here are 10 tax-saving moves that often are overlooked:

  1. Additional charitable gifts
  2. Moving expenses
  3. Job hunting costs
  4. Military personnel travel
  5. Child, and more, care credit
  6. Mortgage refi points
  7. Many medical costs
  8. Retirement tax savings
  9. Educational expenses
  10. Residential energy upgrades

Details on each of these can be found in this story I wrote for Bankrate.

Now, since I’m in the second category — I know, I know. Do as I say, not as I do. — I’m off to get my tax filing in better shape.

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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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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions
Disasters
Family
Filing and Paying Taxes
Politics/Laws
Refunds
State Taxes
Tax Brackets/Inflation
Tax Tips
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