5 Tax Mistakes and Their Causestax time, many of the other half could be doing more to legally and strategically save money, says Taylor, an architect turned founder and owner of Capital Advisory Group Tax Planners of Lake Norman and Capital Investment Advisors, Inc.Not knowing which tax deductions are available. taxpayers to know which deductions are currently available for maximizing savings. One of the most overlooked deductions is state and local sales taxes. Taxpayers may be able to take deductions for student loan interest, out of pocket charitable contributions, moving expenses to take a first job, the child care tax credit, new points on home refinancing, health insurance premiums, home mortgage interest, tax preparation services and contributions to a traditional IRA.Misunderstanding deduction value for medical expenses. The Affordable Care Act has altered the guidelines for tax deductible medical expenses. Effective Jan. 1, 2013, the new policy increased the threshold for the itemized deduction for unreimbursed medical expenses from 7.5 percent of adjusted gross income to 10 percent of adjusted gross income for regular tax purposes. The increase is waived for individuals age 65 and older for tax years 2013 through 2016.Confusion when taxes must be paid on IRA and employer sponsored retirement funds. Traditional IRAs and most employer sponsored retirement plans are tax deferred accounts, which mean they are typically funded with pre tax or tax deductible dollars. As a result, taxes are not payable until funds are withdrawn. Exceptions are the Roth IRA and the Roth 401(k) and Roth 403(b). Roth accounts are funded with after tax dollars. That why qualified distributions after age 59 and the five year holding requirement has been met are free of federal income tax.Overlooking tax advantaged investments. Tax advantaged investments can include real estate partnerships, oil and gas partnerships and suitability, which refers to how appropriate an investment may or may not be to an investor. Two of the most common types of real estate partnerships, for example, are low income housing and historic rehabilitation. The federal government grants tax credits to those who construct or rehabilitate low income housing or who invest in the rehabilitation or preservation of historic structures.Uncertainty when accounting for gift taxes. The federal gift tax applies to gifts of property or money while the donor is living. The federal estate tax, on the other hand, applies to property conveyed to others, with the exception of a spouse, after a person death. citizen, gifts to a qualified charitable organization and gifts to a political organization.About Paul TaylorPaul Taylor is the founder and owner of Capital Advisory Group Tax Planners of Lake Norman and Capital Investment Advisors, Inc. Taylor, a fully licensed investment advisor, has more than 20 years of experience in the industry and is committed to providing personalized service to those he serves. 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