Tax Deductions You May Overlook
The most common tax benefits, such as the deduction for mortgage interest and charitable contributions are limited to taxpayers who itemize on their tax return. In order to justify giving an overview, though, your total deductions, the standard deduction that non-itemizers can claim excess. For 2010, the standard deduction is $ 5,700 for singles and $ 11,400 for married couples who file jointly. Taxpayers who are older than age 65 are blind or can claim a larger amount. Their mortgage alone is often greater than the standard deduction.
But unless they are extremely generous, most renters and homeowners who paid off their mortgages are not enough to take advantage of the deduction separately listed. Fortunately, you can deduct most of your moving expenses as long as your new workplace is at least 50 miles farther from your old home than your previous work was, Luscombe says. For example, if you previously drove 20 miles to work, your new job must be at least 70 miles away from your old home in order for you to deduct moving expenses.
Once you meet the distance requirement, you can deduct a variety of expenses, including packing and transportation of household goods, shipping your car and pets to your new home, storage and travel expenses for you and your family.