The most common overlooked tax deductions - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

The most common overlooked tax deductions

If you haven't filed your taxes yet, you have about two weeks to do so. But make sure you don't miss some of the most common overlooked tax deductions. With tax season coming to a close, some people haven't filed yet. 

"We get a mad dash right at the last minute of lots of people scampering to gather all their receipts," said Enrolled Agent John Avara with Tax Pros.

If you haven't filed, there are some things to look out for that could save you hundreds. 

"There's lots of tax deductions people miss when they're in a hurry to file at the last minute," said Avara.

The first tax deduction to look out for are state sales taxes. This is crucial since Texas doesn't impose a state income tax. 

"If you have a large purchase this year like a car, truck, something like that, you would want to have a receipt for the purchase of the vehicle, most people have that. You can get that from your dealership as well if you don't have one."

For students with full-time jobs, they can deduct mileage for work. Student loan interest is also deductible which parents can do if they're paying their kids' student loans. Childcare expenses can also be written off.

"People just get the receipt from the daycare but they forget about summer camp and that type of thing," said Avara.

If you're itemizing, you can deduct medical and dental expenses. Other tax deductions include home improvements, moving expenses, educator expenses, and charitable donations. 

Remember if you haven't filed yet, you have until April 18th. For next year, the earlier you file, the better, and be sure to hold on to those receipts.

"Anytime you take a deduction on a tax return, you want to be sure you have receipts to back up the information on the return in case you're audited by the IRS,' said Avara.

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