Feb. 22, 2000
If you're getting ready to complete your federal income taxes.. hold on.
News Specialist Scott Light can show you how to get a bigger return, or, at least,
lessen the payment you'll own Uncle Sam.
Mike Preece/Truck Driver: "JUST BY LOOKING AT THIS PIECE OF PAPER SHE GAVE ME TO FILL OUT, ALREADY THERE ARE A LOT OF THINGS I DIDN'T KNOW I COULD CLAIM."
Preece's job is unique, but there are many itemized deductions that many people don't take advantage of or don't know about.
The first one is medical expenses.
If you're medical expenditures are at least 7-and-a-half percent of adjusted gross income, start deducting.
Granted that's a considerable percentage, but here are legitimate ways to get to that number:
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Travel expenses to and from the doctor.
- Things your insurance didn't cover .. eyeglasses, contacts, hearing aids.
- Even programs to kick the smoking habit are medically deductible.
Taxes are also tax deductible, like Utah property taxes.
Any loan orgination fees, points and of course, interest on your mortgage.
Even if you borrowed money to buy that hot stock, if you made money that loan interest is tax deductible.
Some losses from theft and vandalism are legit deductions.
Lots of Utahns are involved in Girl Scouts and Boy Scouts.
If you're a scout leader, keep the uniform receipts.
Mel Darton/C.P.A.: "IF YOU HAVE TO BUY UNIFORMS, NOT ONLY THE COST OF UNIFORMS, THE DRY CLEANING, OR LAUNDERING. ALL COSTS ARE DEDUCTIBLE."
There's one more thing to remember if you get a pro to do your taxes. If there's a mistake, it's still your name signed on the forms, so it's your responsibility. You can ask that your tax preparer pay for any penalties and interest.
Most professional tax services charge around $100 to prepare individual tax returns.
It could cost you more depending on how complicated your return is.
