Tax tips: Deductions you can't afford to overlook
Serious savings many Americans miss
- Duration 3:36
- Date Jan 29, 2013
Serious savings many Americans miss
Also in this playlist...
This transcript is automatically generated
You don't -- paying taxes and he's not gonna stick around for this segment committed that dreaded time of year.
It's on my list of things to do it already the tax season are you ready to file well we want to make sure that you're not missing out on and deductions or credits that -- eligible for.
Personal finance expert are all bloody -- Gibbons is not a good thing and young might in fact that's right Ole hole.
All -- relax here.
The five most valuable money -- credits and deductions that are often overlooked in Bryant did and -- that you did indeed not his favorite time here let's start with the he the earned income tax credit who's that good for and what can you low to middle income earners and that's when was just extended as part of the fiscal cliff DO real.
A lot of people miss this 115 taxpayers miss it and it's worth a lot depending on you know how much income -- marital status and -- got.
But the average person who claims it's worth an average of over 2000 not and can be worth nearly 6000 -- -- -- qualifying children -- This is a big credit if -- -- -- planet to qualify IRS has.
Assistant hitting yank all our lives so when you filing you forget -- -- doesn't call -- up and go hey let's help -- -- that exact kind of job.
Job hunting -- I found this one.
Interesting because even if you don't secure a job when your hunting you can still -- all that there's always if ban if and that's remaining rights and if you looked for a job in the same line of work and 22 out.
And if you itemize your -- You can write up on your job hunting expenses -- they have to -- 2% and -- adjusted gross income.
I think that's going to be to hire professional for people to me considering how to make much money between -- but that's to consider.
And yes even immediately -- a jog your shots which was unsuccessful maybe the case a lot of people out there.
You can still take that break sure.
Everybody knows that charitable deductions are deductible but out of pocket.
What you're talking about is let's say you're gonna make some meat loaves for homeless shelter you're gonna take him down that's exactly right Steve writes -- people tend to remember the big cash donations but they tend to forget to.
Take tonight deductions -- the out of pocket contributions like ingredients -- -- -- look they made their favorite charities such as this is the kind of thing went into management and also miles to and from your charitable endeavors what do you fourteen quarter mile north and sent them in parking -- -- that's a suspect it -- up okay let's talk about energy saving home improvements talking -- that we'll see a lot of people question.
Think of these ball disappeared right because -- -- one on the installed energy efficient windows doors insulation to take advantage of the breaks at.
Those have gone but some of the more valuable ones are actually still around the big ticket won the -- systems you're installing your home.
Solar systems geothermal heating -- big ticket items like that this -- systems and the credit is in a 30% that's a decent break and that too has an extent that's around for a few years for a while new storm windows insulation that qualified has that gone back and remember everybody went crazy -- on -- -- yet we've lost a lot of those breaks but -- still as I say some of them are vital ones if you're.
An energy efficient.
In what enthusiast and -- wanted to -- -- washer and dryers.
You about that that might be that you wanna check energy start I've got to -- specifically.
What is stuck what -- kind of -- mini break effort.
For something and it's going to be about.
There's just something -- and a market.
I'm American opportunity credit with that.
Writes that this is a decent break for your under -- here 2500 dots per eligible college student that's at 101000 dollar subsidy of four years.
Of course -- income requirements academy it's but this is a break it on -- tend to overlook even though it's a decent one and that too has been extended its part but that's lots of stuff a lot of people didn't know about your favorite time here are all.
Buddy here given -- -- thank you much great reporting aren't.
Coming up and I.