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10 tax breaks you may overlook

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in Centerpiece,Small Business Tax,Small Business Tax Deduction Strategies

Have you completed your 2014 tax return yet?

Strategy: Review your return thor­­oughly before you file.

Here are 10 top ways for lowering your 2014 tax bill that are often overlooked.

1. Pocket tax break for charitable expenses. You can claim deductions for cash or property donated to charity last year, subject to certain rules. But you may also write off the cost of your out-of-pocket expenses incurred during your charitable activities. This includes everything from buying stamps for mailers to driving to fundraisers to flying to board meetings halfway across the country.

Tip: In lieu of deducting actual auto expenses, you can use a flat rate of 14 cents per mile for charity-connected driving (plus tolls and parking fees) on your 2014 return.

2. Hunt down job-searching ex­­penses. Perhaps you or another family member spent money looking for a new or a second job in 2014. Good news: Whether or not you landed the job, you can...(register to read more)

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