Taxman Shares Most Missed Deductions

By: Stacy McCloud
By: Stacy McCloud

Knoxville (WVLT) - It's tax time again. In fact, we're only about two months away from the filing deadline.

But before you send yours in, the IRS wants to make sure you're taking advantage of all your deductions.

Volunteer TV's Stacy McCloud brings you some money saving tips for the 2007 tax filing season.

You may want to take a closer look at your tax forms this year, a few lines may be missing that could really add up.

Tennesseans are still eligible for the sales tax deduction this year, but you won't see the option on any paper forms.

"It was extended too late in the year so it didn't make it on the paper form," says Dan Boone from the IRS.

One line many of you are leaving blank, but shouldn't, is something only for 2007 called a telephone excise tax.

Basically if you had a telephone anytime between March 2003 to July 2006 you'll get anywhere from a $30 to $60 return.

"One third of returns coming in have not claimed it and probably could have it's a brand new line of the form and we're afraid people are missing it," says Boone.

Another small change you may like is the way you receive your refund. The IRS will let you divide it into as many as three different accounts.

"It is a matter of convenience. You don't have it all going in savings and you have to write checks or transfer to other accounts," says Boone.

Speaking of making things easy, the IRS recommends you look into filing electronically. They say it's safe, free on most sites, and includes all the things the paper forms don't.

How about a little more good news? Uncle Sam is giving you a break with his typical deadline. Despite what any forms say, you have until April 17th, to get it all done.

The IRS says they are already cracking down on some scammers! Twenty-two different locations are going to get a visit from the IRS, at least one of those is in Tennessee.

The IRS reminds you, if you do hire someone to do your taxes, check their credentials.


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