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:

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Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

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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