Written on April 12th, 2005 by Joe about business with 1 Comment
Missed Tax Deductions
This is a great list of 55 commonly Missed Tax Deductions. Some of the most tricky ones I found are:
- Penalty on early withdrawal of savings
- Failing to add the amount of reinvested funds (e.g., dividends) to your cost when computing gain or loss on the sale of mutual funds
- Business gifts to a maximum of $25 per recipient
- Mortgage prepayment penalties
- Points or origination fees on a mortgage to purchase a residence
- Accounting fees for tax preparation
- Depreciation on home computers to the extent used for business or investments
1
at 9:05 pm
The loan origination fees and/or points paid on a refinancing must be amortized over the life of the loan, whereas on a purchase they are deductible in the year they’re paid. No other closing costs are deductible.