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[quote=Anonymous][quote=Anonymous]I'm starting this thread so people can alert each other to possible tax deductions & credits we all might be missing.  It seems I discover a new one every year.  Mine are below.  Please post if you have others.

1. Childcare tax credit.  I've been deducting nanny and babysitter costs.  But I just realized this year that I also can include Aftercare costs from my kids' schools, and also the cost of preschool for my youngest!

2. Bad debt deduction.  It's not too often, but every few years I seem to have some unresolved dispute with a contractor or other service provider.  Some of these can be treated as bad debts which generate a deduction.

[b]3. Charity deductions.  Make sure to catch them all.  I always discover extra ones when I review my checkbook each year.  I should create a system to track these things.  Anyone have a good system I can copy?  Also, I really should figure out how to document my non-cash donations over $500, because I'm donating way more than I claim every year.[/b]4. State sales tax deduction.  I just discovered this one.  You can deduct state sales tax you paid as an itemized deduction.  You need to have receipts, which is a huge hassle.  But IRS has an online calculator that lets you get a rough (likely low) estimate.  I was surprised at how big the number is.  Anyone got any tips for keeping better track next year?  I suspect I don't really need actual paper slip receipts, but just good documentation.  So maybe there's an app that lets me enter sales tax as I pay it, or maybe there's some function Amex provides online to calculate it for me off my credit card payments.  Any ideas?

Any other tax tips from smart savers out there?[/quote]

Don't you get letter receipts from the organizations?  I just toss all of those in a folder as they come in over the course of the year and then add W-2s, 1099s, etc... as they come in.  I keep the folder next to the table where we sort our mail, so nothing goes astray.  If I get an electronic receipt, I print it and put it in the folder.  No fancy "system,"  but it works.[/quote]

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