NEW YORK (CBSNewYork) — The middle of March also means the middle of tax season, with April 15 right around the corner.
Tax expert Jeffrey Levine, CPA stopped by CBS on Sunday to answer some common questions about getting the most out of your taxes.
HSU: What are some of the most overlooked deductions people miss?
LEVINE: The one that comes off the top of my head is not a true deduction — reinvested dividends. People have mutual funds and they may have stocks and they put that money back and buy more shares. Over time, that increases their cost. Now if you go back and you sell that today, the additions you’ve added each year are not taxable.
HSU: In the news, we hear about identity theft. This must be the prime season to target people.
LEVINE: Absolutely. The best way to avoid identity theft is safeguarding documents. E-filing is much better than paper filing.
For more tips, click on the video above.