Tax Deductions and Credits Extension Filers: Most Missed Tax Deductions Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Philip Taylor Published May 8, 2023 - [Updated Apr 12, 2024] 3 min read Reviewed by Susan Yeatts, EA For a variety of reasons, many Americans need to file an extension each year. But many still misunderstand what a tax extension really means. Yes, it’s true when you file a tax extension you get an additional 6 months to file your tax return; however, in the rush of filing taxes late, many of those same people may miss valuable tax deductions which can reduce their taxable income. Don’t let your tax extension cost you more. Take a look at some of the most commonly missed tax deductions by extension filers. Table of Contents 'Out of Pocket' or 'Noncash' Charitable ContributionsState and Local Sales TaxStudent Loan InterestEarned Income Tax Credit ‘Out of Pocket’ or ‘Noncash’ Charitable Contributions Even if you’re in a rush, it’s hard to forget about those larger monetary charitable contributions. They usually leave a pretty obvious paper trail. But what about those smaller contributions made with your pocket change, your miles driven in service to a charitable organization (14 cents per mile in 2023), or by donating goods and services to local charities and non-profit organizations? When you’re already past the April tax deadline, and you’re in a rush to file your taxes, it’s easy to forget to take the time to add up all of the small stuff. Many extension filers admit to caring more about filing before October vs. making sure they get every single deduction. Don’t forget, adding up the small stuff can make a huge impact! State and Local Sales Tax The State and Local Sales Tax deduction is a tax deduction that gives you the opportunity to choose between deducting state and local income taxes on large purchases or state income taxes. If you live in a state with no income tax (South Dakota, Washington, Alaska, Texas, Nevada, Florida, Tennessee, New Hampshire, and Wyoming) then this is your chance to deduct state and local sales tax since you won’t have any state income taxes to deduct. Even if you pay state income taxes your state and local sales tax paid on large purchases may outweigh your state taxes giving you a bigger tax deduction. Student Loan Interest While federal student loan payments have been on pause recently, they have resumed for most taxpayers.. Typically, if you made student loan payments on qualified student loans, the interest portion up to $2,500 may be tax deductible. You can even deduct your student loan interest if your parents are making your payments as long as they are not claiming you as a dependent. According to the IRS, the payments may be looked at as a financial gift from your parents. Earned Income Tax Credit Figures from the IRS show that more than 25% of eligible tax filers forget to claim the Earned Income Tax Credit. Many people aren’t aware that they qualify. According to the IRS, on average, households that claimed the EITC last year claimed a credit of about $2,043. When you sit down to file your taxes, don’t forget to claim the Earned Income Tax Credit if you are eligible. Don’t worry about missing these valuable tax deductions and credits. No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed. Get started Previous Post The Tax Deadline is Approaching: TurboTax Shares What You Need… Next Post Tax Implications for Taxpayers Who Have Lost a Spouse Written by Philip Taylor More from Philip Taylor 2 responses to “Extension Filers: Most Missed Tax Deductions” I filed my 2011 tax return on Oct. 13th of 2012. I need to print a copy of my tax return. How do I get to print my tax return of 2011? Hi Carolanne, Please follow these instructions on this support FAQ http://turbotax.intuit.com/support/iq/Copy-of-Return/Access-2011-or-Earlier-Tax-Returns/GEN12469.html Thank you, Lisa Greene-Lewis Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?
I filed my 2011 tax return on Oct. 13th of 2012. I need to print a copy of my tax return. How do I get to print my tax return of 2011?
Hi Carolanne, Please follow these instructions on this support FAQ http://turbotax.intuit.com/support/iq/Copy-of-Return/Access-2011-or-Earlier-Tax-Returns/GEN12469.html Thank you, Lisa Greene-Lewis