The 13 Most Overlooked Tax Deductions....

by Kevin McCormally (Kiplinger)

Every year, the IRS dutifully reports the most common blunders we taxpayers make on our returns. And every year, at or near the top of the list is forgetting to enter a Social Security number or making a mistake when entering the nine digits that identify us to IRS computers.

Before you bemoan such stupidity, ask yourself a simple question: Is that the most common error? Or just the most easily noticed goof? Tax time is a dangerous time. It's all too easy to miss a trick and pay too much. Years ago, the head of the IRS told Kiplinger's Personal Finance magazine that he figured millions of taxpayers overpaid their taxes every year by overlooking just one of the money-savers listed below.

Without further ado, here are The Unlucky 13, a baker's dozen of the most overlooked tax deductions. Claim them if you deserve them...and cut your tax bill to the bone. - complete article here

Tax-issue result: End of Globe swag bags...

By SANDY COHEN, AP Entertainment Writer

The Golden Globe gift basket is no more. The Hollywood Foreign Press Association, which presents the annual Golden Globe Awards, announced Wednesday that it had reached an agreement with the Internal Revenue Service to satisfy past tax obligations on the plush gift packages given to awards-show presenters. - complete article

Dems look at tax cuts for middle class

By JOHN HEILPRIN, Associated Press Writer

Democrats are not ruling out raising taxes for the wealthiest people to help pay for tax cuts for middle-income families, House Speaker Nancy Pelosi said. She spoke of pursuing an estimated $300 billion that people owe in back taxes, eliminating deficit spending and reducing wasteful federal spending. "As we review what we get from ... collecting our taxes a reducing waste, fraud and abuse, investing in education and in initiatives which will bring money into the treasury, it may be that tax cuts for those making over a certain amount of money, $500,000 a year, might be more important to the American people than ignoring the educational and health needs of America's children," Pelosi, D-Calif., said in an interview aired Sunday. - complete article

Happy New Year!