is now 
Mistakes are easy to make, but missed deductions can cost you hundreds even thousands of dollars if not included on your tax return.
Don’t let a knowledge gap prevent you from taking advantage of these tax breaks shared by Kiplinger.
Don’t deduct state sales tax. This deduction expired at the end of 2011 and though some predict the right to deduct state sales tax will return in the future, it has not yet.
Do subtract reinvested dividends. Though it isn’t officially a deduction it is something you can subtract that most taxpayers miss. If you use your mutual fund dividends to automatically buy extra shares, remember that each reinvestment increases your tax basis in the fund. That, in turn, reduces the taxable capital gain (or increases your tax-saving loss) when you redeem shares.
Confused? Don’t be. Call one of our 14 tax advisors here at McRuer CPAs.
