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The year end is coming... Time to think about next year! Preparation of taxes is something that many of us do ourselves, but many of us turn all of the paperwork over to a professional. No matter which road you take regarding Uncle Sam's Internal Revenue Service, the "do it myself" road or the "hand over the filebox" road, there are many deductions that are often overlooked. If you don't keep track of these, you could pay the government more than you need to. Now is the time to be thinking about deductions for your 2007 tax returns, because it is too late to do much about deductions once 2007 is over and returns are being prepared. Don't think that just because you may take the "hand over the filebox" road, the professional sorting through your stuff will automatically find some of these deductions either. You really need to be more organized and have all material sorted out. A hint... it's also cheaper if you have everything organized and the accountant doesn't have to be a detective searching for every piece of information needed to make a proper filing. He won't charge you as much for his services if you've got things organized. To help you out a bit, we're listing some deductions that are frequently overlooked by both taxpayers and professionals. Here are a few of the most often overlooked deductions: CHARITABLE CONTRIBUTIONS *Automobile expenses for volunteer activities (14 cents per mile plus parking fees and tolls) *Out of pocket expenses incurred while engaged in volunteer activities *Fair market value of clothing and other household items that are donated to charity INTEREST *Interest paid on loans for a boat or recreational vehicle that has living, sleeping, eating quarters *Co-op owners may deduct their share of mortgage interest paid by their association MEDICAL *Contact lenses , eyeglasses, and eye exams *Lodging (not meals) while you are away from home for medical care *Mattress prescribed for alleviation of arthritis *Weight loss programs for the obese MISCELLANEOUS *Fees paid for professional journals *Tax preparation fees, union dues, professional dues *Calls to prospective employers, costs of typing, printing, and mailing resumes *Teachers can deduct as an adjustment to gross income up to $250 for un-reimbursed expenses for supplementary equipment used in the classroom Be thorough and precise throughout the year and while you prepare for tax season. A little bit of work and knowledge can possibly save you a lot of your hard earned money!
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