Now that January has rolled around again, before we know it we will soon be getting everything together to send off to our accountant, so having a little extra advice in this area might be helpful for some. Many people overpay on their taxes because they overlook many tax deductions and tax credits, which are available to them. To help you save some serious money, here are three highly overlooked deductions:

You can deduct the State Income Tax or the State Sales Tax, whichever is higher. This choice is up to you.

1. Sales Tax Deduction -

 
You can deduct the State Income Tax or the State Sales Tax, whichever is higher. This choice is up to you. If you live in a state that has no state income tax, such as Florida and many other states, the Sales Tax Write Off is the way to go. The IRS has a table that shows how much residents of various states can deduct, based on their income and state and local sales tax rates.
 
Take advantage of this deduction, and save $.
 

2. Job Hunting Cost -

If you're unemployed and looking for a job in 2016 in the same line of work as your most recent job, and you kept track of your job search expenses, you can deduct those expenses on your tax return as a miscellaneous expense, if you itemize. Those expenses can be deducted only if they exceed 2% of your adjusted gross income.
Job- hunting expenses related to finding your first job: DO NOT QUALIFY as deduction.
 
Deductible job hunting expenses include, but are not limited to:
 
1. Transportation, including 54 cents per mile for driving your own car, plus parking and tolls.
2. Cab fares.
3. Employment agency fees.
4. Cost of printing resumes, business cards, postage and advertising.

3. Those lousy Baggage Fees -

 
Today the airlines are killing us with extra fees for baggage, online bookings and changing travel plans. Guess what? If you're self- employed and traveling for business, be sure to add these fees to your deductible travel expenses and let Uncle Sam share in some of these airline fees. Just make sure you have your receipts.
 
Take advantage of this deduction, and save $.
 
 
 
(Please consult your personal tax advisor to see if you qualify for these deductions)