Tax Tip: Know your deductions - Hawaii News Now - KGMB and KHNL

Tax Tip: Know your deductions

Common itemized deductions

As you begin your tax preparation, knowing if you are eligible for tax deductions is important. By knowing some of the following commonly missed itemized deductions, you may be able to significantly reduce your tax liability.

  • Haiti relief contributions
  • Non-cash charitable contributions
  • Points paid
    • Acquisition
    • Refinance
    • Disposition
  • Taxes paid
    • State income or GET
    • Real property tax
    • GET on automobiles

Tips:

  • Keeping good records
  • Receipts from vendors - should be detailed and broken down
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