Tax Resources:

Top Overlooked Tax Deductions
By Julian Block

Don’t pay the IRS more than you need to. Be sure to claim these often overlooked deductions

- Charitable deductions – Did you do volunteer work? Claim itemized deductions on Schedule A of Form 1040 for unreimbursed out-of-pocket expenses such as travel and telephone calls.

- Mortgages – Don’t forget another itemized deduction for your payment for points to buy, build or improve a principal residence.

- Medical expenses – Remember that itemized deductibles include the cost of travel that was necessary to obtain care.

- Gambling losses – Make sure to claim them if you itemize, but only to the extent of gambling winnings.

- State income tax payments – Don’t miss an itemized write-off for payments made during 2001 for 2000 or earlier years.

- Special deductions – Are you over 65 or legally blind? Don’t forget that you get an extra-large standard deduction if you do not itemize.

- Capital loss carryforwards – Review last year’s Schedule D of Form 1040 for carryforwards from 2000 or earlier years.

- Self-employment taxes -- If you paid them, deduct half the payment on page one of the 1040 form.

- Penalty for early withdrawal of savings – If you removed money from an account and were nicked for the penalty, deduct the penalty on the front of the 1040 form.

- Social security taxes – Check for overpayment of Social Security taxes if you worked for more than one employer and your wages exceeded the wage base ceiling for Social Security taxes of $80,400 for 2001.

Additional Resources
The following Special Reports are also available for purchase. Please read the press reviews about these reports below. To purchase a Special Report click on the link.

Learn more about the Author of these publications, Julian Block

Press Reviews
- "Provides more depth than the other books" The Wall Street Journal
- "Easily the best available" Forbes
- "Offers numerous short money-saving tips, as well as sophisticated strategies... one of the best books... New York Times
- "Block's book covers all the bases on tax planning... The language is easy to understand and the examples are plentiful" New York Daily News