In-Depth Articles Often Overlooked Deductions, Credits, and Strategies If you just barely have enough deductions to itemize, consider doubling up on payments such as real estate tax and charitable deductions every other year, that way you itemize in one year with a larger amount of deductions and take the standard deduction in the next year when your deductions are low. Points on refinancing home loans (amortized over the life of the loan). Also, write off any remaining unamortized points on the old loan. Sales tax on automobile or boat purchases in addition to the allowed table amount (if you don’t deduct state and local income tax instead).  Credit for energy efficient home improvements or qualified residential alternative energy equipment, such as solar hot water heaters, geothermal heat pumps and wind turbines.   Out of pocket contributions to charities, for purchasing food or supplies used for charitable purposes, although records are required and a receipt if the amount is over $250.   Mileage for charitable purposes at $.14 per mile.   If you can itemize your deductions, mileage for medical purposes is at $.19 per mile for miles driven during January 1, 2011 - June 30, 2011 and $.235 per mile for medical travel from July 1, 2011 through December 31, 2011, and total medical expenses are more than 7.5% of adjusted gross income.   Small business health insurance tax credit.   Loss on annuities cashed in for less than cost.   Worthless stock or other investments.   “Harvesting” losses on depreciated investments by selling them if appropriate.  Please contact us for assistance in determining if any of the above items may apply to your situation.      Back to In-Depth Articles Back to Resources   To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used for the purpose of avoiding penalties assessed under the Internal Revenue Code.