Missing Tax Deductions
If you are busy wearing out pencils and erasers, it must be tax time.Â Filling out forms can be stressful, but your refund could be higher then you expect.Â Tax experts say there are some deductions you may not know about.Â Â
There are three important deductions that were left off this year's tax forms.Â The one that applies to most Gainesville Residents is sales tax.
Since our state has no income tax, we're entitled to deductions from sales tax. And the catch - this information was nowhere to be found on this years forms.
"There are three deductions that the irs told the congress - you have got to pass these, extend them by a certain date - early november. well congress didn't get around to doing it till december. that meant they're not on the tax forms," said Roger Pierce, Store Manager at H&R Block.
But if this information in missing on tax forms, Â tax preparation professionals say it could be missing elsewhere.Â Â If you think you may have been eligible for one of those three missing returns, you can fill out an amendment to your tax form.
"If you missed a huge deduction and are like - oh my gosh i could've deducted my car -Â its probably worth coming in and getting it fixed," said Pierce.
Tax experts say the two other deductions missing from this year's forms are tuition and eduation credit, which applies to teachers and students.
Thalia Hayden,Â WCJB TV-20 News.
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