Don't Let Tax Deductions Go Unnoticed

OKLAHOMA CITY -- You have eight days left to file your taxes, and in these tough economic times it's important to take advantage of every tax break you can get.

It's slow now, but the days leading up to April 15, Liberty Tax Service will be packed with last minute filers.

"People that want to wait until the last minute, they really want to wait until the last minute," Patti McKinnon with Liberty Tax Service said.

But in the rush to file, some taxpayers overlook important deductions. Some deductions are new this year.

"If you have real estate taxes, you're able to deduct real estate for a single person," CPA Robert Castleberry said. "They can deduct $500 or $1,000 for a couple."

Another deduction is the first time home buyers credit, worth $7,500.

"Your mortgage insurance is now deductible, used to just be the interest on your home, but the PMI is deductible this year," Castleberry said.

Castleberry says if you do itemize, keep in mind your charitable donations.

"You can get 14 cents a mile deduction for the mileage you drive related to your volunteer work," Castleberry said. "A lot of people just put in their cash donation and forget about the actual work they do."

You can also deduct mileage for trips related to medical appointments. By talking to a tax preparer you may come up with other deductions that mean more cash in your pocket.

If you live in Logan, Carter or Oklahoma counties and you were directly affected by the February storms, you have until May 11 to file your taxes.

And teachers don't forget to write off those classroom expenses; they're worth $250.