While some tax deductions are obvious, others aren’t. Kiplinger just released its “23 Most Overlooked Tax Deductions” list, and Dennis Prout and Shea Petaja comb through them one by one in this episode. Also joining the show this week is Prout Financial Design team member, Shelly Osborne, who has experience in tax preparation and answers these questions:
1. What are the biggest errors that people generally make when filing their taxes?
2. What deductions do people generally miss?
3. What is the difference between a deduction and a credit?
4. Can someone get a tax credit for putting money into an IRA?
5. What are some key or important dates?
6. What advice can you give to blended families?