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New York Daily News: 2010 Tax Rules

In this week’s New York Daily News column, I give you a round up of several important tax issues that should be on your radar.

Tax Breaks You’re Missing

You deserve a tax break today: If you thought the IRS wasn’t romantic, think again.  Today itemizers can begin filing their taxes, and capturing their share of oft-missed tax breaks. Here’s a quick look at the most missed tax deductions so that you can make sure you get what’s coming to you:

Other taxes you paid. Taxes you pay elsewhere are deductible. This includes property taxes and state and local income tax – or sales tax if you live in a state that doesn’t charge state income taxes.

Medical expenses not covered by your health insurance. You can write these off as long as they top 7.5 percent of your adjusted gross income. (If you didn’t qualify this year, try “bunching” big health expenses every other year.)

Job hunting expenses. Looking for a job in the field you’re already in qualifies for a deduction in job hunting expenses. That includes career coaching and the cost of traveling to interview. (If you move more than 50 miles to begin a new job you can deduct your moving expenses as well.)

Charitable contributions not made in cash. You know all that stuff you dumped into the Salvation Army box? They’re deductible. You have to create a list of items you donated and then attach an approximate cash value. Not sure? Check out eBay for a sense of what these things sold for at recently completed auctions.