Tax Tip No. 5: Take it Off!

What can you deduct on your federal income tax return?

You probably know the usual suspects: kids, interest on your mortgage and charitable donations. But here are some deductions you may not know about:

• Points paid to buy a home or refinance a mortgage

• Home equity loan interest

• State and local income taxes

• Portion of personal property taxes

• Moving expenses due to a job change

• Investing losses to offset gains

• Gambling losses to offset gains

• Medical expenses that add up to 7.5 percent of your adjusted gross income