Keep more money in the bank by making sure to take advantage of all possible allowable deductions provided each year. Every year the IRS reports about the most common errors and mistakes made in forgetting about or just not applying certain allowable deductions. Some folks simply overlook these deductions in a mad dash to get the tax forms filed while others are just simply not aware.
About 46 million people itemize their taxes using the IRS Form 1040 and claim about one–trillion dollars of deductions every year. Another 85 million folks take the easy way out and claim another half–trillion dollars in standard deductions. Rushing through the filing process only makes it easier to make mistakes or overlook allowable deductions that can save a great deal of money. Don't overpay unnecessary taxes. Be sure to take all allowable deductions related to interest on student loans. Here's a few helpful tips.
Student Loan Interest Deduction
This particular deduction is being gradually phased out if filing status is married filing jointly along with a taxpayer's modified adjusted gross income being between $120,000 and $150,000 per year. If a taxpayer's modified adjusted gross income is more than $150,000, this is not going to be available as a deduction. If a taxpayer paid more than $600 of interest on a qualified student loan last year, the IRS will issue Form 1098–E, Student Loan Interest Statement from the organization to which the interest payments were made.
- Hud Mortgage Insurance Refund
Streamline 203(k) Mortgage. The "Streamline"(K) Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade ...
- Idaho Tax Refund
- Louisiana Tax Refund Status
- 2005 Check Refund Tax
Less than two weeks ago, USA Today ran story about how states were going to hold tax refunds for months. Barely a week later, New York announced that it has started ...
- Estimate Tax Refund Amount