Most overlooked tax deductions

Published On: Jan 12 2012 01:20:55 PM CST   Updated On: Feb 15 2013 01:00:00 AM CST

The first day the IRS will accept your tax return is Jan. 20. Find out how to cut your tax bill to the bone by claiming all the breaks you deserve.

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Additional Bonus Depreciation -- Business owners can write off 100 percent of the cost of qualified assets placed in service during 2011. This break applies only to new assets with recovery periods of 20 years or less, such as computers, machinery, equipment, land improvements and farm buildings.

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