Monday, January 29, 2007

More taxing tidbits

Following up on yesterday's tax theme, I figured I would dust off a link to one of last year's most vital tax-tip posts: Don't forget about "adjustment to income" deductions available even to those who don't itemize. There are a handful of items you can get credits or deductions for even if you claim a standard deduction, such as tuition and student loan interest payments, moving expenses if you relocated for work, children, and adoption costs. One interesting credit is available for those who make $25,000 or less and contributed to a retirement plan like a 401(k) or IRA.

Bankrate has a helpful rundown on such tax breaks. I suspect a number of B&B readers are students or are paying off student loans; don't forget to use that to your advantage on your taxes.