7 often forgotten tax tips

Tina Pineda with 7 On Your Side
Seven On Your Side
March 21, 2014 4:31:54 PM PDT
There are about three and a half weeks left to file your taxes and there's a chance you may have overlooked some important items.

7 On Your Side has seven tax tips that are often forgotten.

Even with 1, 2, 3, 4 dependents, Christina Haywood, didn't realize when she goes back to work in a few months, summer day camp for her little girls, or any other activity which qualifies as a form of daycare is a tax credit.

"A lot of times your trying to distract your kids, this painting or soccer camp is something that can help your wallet," said Ross Kenneth Urken, of TheStreet.com.

Sleep away camp doesn't count, but Ross Kenneth Urken with TheStreet.com says filers often forget to take tax advantage of both the young and the old in their lives.

For example: if you share the costs of helping a relative who doesn't live with you, you can still claim them as a dependent.

"What's shocking about this situation is even if you are caring for the person 20% of the time or providing 20% of the person's goods to be salvaged and maintain health and living conditions you are still privy to that tax deduction," Urken said.

If you're saving for your own independence from work, don't forget you can claim retirement costs up until April 15th.

"A lot of people think they have expired the deadline on December 31 its gone, but that's a huge myth people can get tax advantages up to $175 for 401K and $5,500 for an IRA," Urken said.

Mortgage Re-fi points are forgotten tax breaks too, as are Moving expenses if you moved for your job, and don't forget to put a dollar value on any non-cash charity donation you made to a local food bank or clothing drive.

"It actually adds up when you're trying to find every little penny and quarter to deduct from your taxes," Urken said.

Forgotten tax break #7 is education; remember you're entitled to write off $4,000.00 of tuition-related expenses for yourself, your spouse, or a child. And up to $2,500 student loan interest.

It's your money! Don't leave it on the table!