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OVERLOOKED BREAKS

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The Tampa Tribune

Published: February 17, 2008

You could fill a fat book with often-overlooked tax breaks - in fact, many such guides jockey for shelf space at bookstores throughout tax season. Here are some deductions, credits and other tax-saving ideas worth exploring:

EMPLOYEES

•Excess payroll deductions for state disability insurance if you held two or more jobs

•Job-hunting expenses if you sought work in your current occupation

•Moving expenses

FAMILY

•Child tax credit of $1,000 for ages 16 and younger

•Up to $4,000 in college tuition and fees under the higher education tax deduction

•Up to $1,650 of college tuition and fees under the Hope credit, or $2,000 under the lifetime learning credit

•Child and dependent care credit worth up to $2,100 for working single parents and families in which both parents work

•A credit for up to $11,390 of adoption expenses by parents

INVESTORS

•The savers credit, worth up to $1,000 for low-income taxpayers who stashed at least $2,000 in an IRA or retirement account

•Investment advisory fees

•Up to $3,000 of capital losses that exceed your gains

MEDICAL EXPENSES

•Contact lenses, glasses, hearing aides, laboratory work and some hospital services

•Doctor-prescribed weight-loss programs and stop-smoking classes

•Prescription contraceptives, a vasectomy or, in the event either failed, childbirth classes
REAL ESTATE

•Certain mortgage insurance premiums
•Mortgage prepayment penalties and late fees

•Points on a mortgage and certain refinancings

TAXPAYERS

•Tax-preparation fees and audit representation

•A deduction or credit for income taxes imposed by a foreign country

OTHER

•Mileage and out-of-pocket expenses related to charitable activities

•Gambling losses offset by winnings

San Jose (Calif.) Mercury News

Sources: "J.K. Lasser's Your Income Tax 2008," "The Ernst & Young Tax Guide 2008" and Spidell Publishing

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