A colleague of mine, Adrienne Carlson,  forwarded me a link to her latest blog post, “The Ten Most Obscure Tax Deductions You Should Be Using this Year” and it’s worth the read:

There are tax deductions out there for just about everyone imaginable. Unfortunately, many of them go underreported because few people are even aware of their existence, leaving a multitude of extremely valuable write offs going completely overlooked every year. The following tax deductions and credits remain some of the most commonly forgotten on return forms, but also some of the most lucrative as well. Take advantage of these whenever possible to ensure the most thorough and financially gratifying tax return possible.

1.  Fees for tax preparation and financial planning
2.  Safety equipment for work
3.  Exchange students, adoption, and foster care
4.  Interest on savings bonds
5.  Local and state income tax
6.  Charitable contributions that aren’t cash
7.  Health insurance premiums
8.  Owning a hybrid vehicle
9.  Higher education
10.  Saving for Retirement

For more information on the above deductions, you can read the complete blog post here.

While these are not estate tax related, I wanted to share some information on new income tax provisions that may very well impact you!  Here are some of the key provisions:

-          One of the biggest breaks will come from changes in the Alternative Minimum Tax (AMT), which could mean a $2,300 savings for a family of four.  The AMT was originally meant to ensure that the rich paid some taxes, but in time it has come to hit families making as little as $45,000.

-          If you are unemployed, you will receive an extra $25 a week and your checks will continue until the end of this year. 

-          If your child is in college and you earn less than $160,000, you will be eligible for a $2,500 tax credit.

-          Now is the time to buy a new car, because the sales tax will be an income tax deduction under the bill.

-          First time home owners can receive an $8,000 tax credit for buying.

-          There are increased depreciation deductions for business owners.