I received an email from Turbo Tax about one of their several "tax tip" "infographics" they provide. This one is called - Top 10 Tax Deductions You're NOT Taking. I don't see any data on how they know they are the true top 10, but I guess they somehow know that these items are often overlooked. (So, doesn't TurboTax then try to highlight them better?)
Why are such items as mileage for charitable driving, dependent care credit and moving expenses overlooked? Perhaps individuals don't intuitively think of these items. And, there are too many special rules so it is difficult to know them all. Perhaps some of these items should go to the list of items that President Obama, and Congressmen Camp and Ryan have suggested eliminating to help simplify the tax law and lower rates.
I think additional overlooked items include maximizing contributions to retirement plans - again, too many options and rules.
What do you think?
Monday, April 16, 2012
Overlooked Tax Deductions
Tags:
#complexity
#tax expenditures
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