As the deadline to file your income tax return approaches, you may be scrambling to gather all the documentation for your income and deductions. In your haste, don’t forget these commonly overlooked tax deductions.

• State sales taxes paid (i.e., use sales taxes paid instead of state income taxes paid if you purchased big-ticket items like cars during the year or you live in a state without state income tax laws).
• State income tax paid with your state tax return.
• Points paid when refinancing your mortgage (this amount is deductible on a prorated basis over the life of the refinanced loan).
• Out-of-pocket expenses paid on behalf of charitable organizations (e.g., cost of ingredients used to prepare a casserole donated to your church).
• Student loan interest paid on your behalf by your parents (this amount is deductible by the child, not the parents).
• Moving expenses paid to the location of your initial job.
• Insurance premiums including Medicare premiums paid by self-employed taxpayers.

These and a dozen others are commonly overlooked; especially when trying to file at the last minute. Contact Flexible Accounting Services of the Triangle and we will make sure you claim all of the deductions for which you are entitled.