Most overlooked tax deductions

Published On: Jan 12 2012 02:20:55 PM EST   Updated On: Feb 15 2013 02:00:00 AM EST

Cut your tax bill to the bone by claiming all the breaks you deserve -- including some you may not know about.

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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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