It’s time to prepare your tax returns even though unwanted changes happened to tax laws. But still, the preparation for filing a return is a taxpayer responsibility. Overlook tax breaks can help you save a little bit of money.
   
Below are some tax breaks you have forgotten or overlook. Ask the tax expert if you are qualified for this tax breaks.

•    Job Seeking – Expenses while looking for a job is deductible. For example, out of town job hunting – you can deduct all the expenses like lodging, transportation, cab fares, agency’s employment fees, printing or mailing of resumes, same rules if you aren’t out of town. Just don’t forget to ask for receipts on each expense.

•    Expenses on Moving – Moving to a new job are deductible. You’re only eligible if, the place of your previous residency is 50 miles away from your new job. You can deduct expenses like transferring of your stuff to your new house, plus 16.5 cents per mile for using your own vehicle. Tolls and parking expenses are also deductible.

•    Other taxes – If you have paid taxes last year, don’t forget to deduct it. Probably, state income taxes can help you a lot. Always remember, state tax refund you had received might count as an income, can dilute some deductions. Don’t forget to include real estate taxes and personal property taxes like your vehicles – cars, trucks, boats, etc. If the state doesn’t have income taxes, you may deduct state sales tax you have paid during the year, just as long you have the documentation.

•    Expenses for Child Care – Tax credits are better than deductions. This is available if you had paid child care for the previous year. The amount you paid can be subtracted from the amount of tax you owe, rather than subtracting it from your gross income, like deductions.

•    You’re Points – You might qualify for the home buyer tax credits, if you purchase a new home last year. Even if you didn’t, you can still deduct the points you have paid from your mortgage company. Now, in case you refinance the existing mortgage, your points will be taken over until you finish the loan, which might provide smaller tax breaks.

•    Making work pay – This tax credit was overlook, especially by younger taxpayer. Qualified taxpayer can claim equal to 6.2 percent of the income they earned, capped at $400 for individuals and $800 for couples. These credits will start to phase out at $75,000 for singles adjusted gross income and will disappear at $95,000. And for the couples, it was ranging from $150,000 to $190,000.