What you can learn from Newt and Mitt's tax returns

My friends over at Kiplinger.com thought they'd go over the tax returns of the two GOP leaders to see if there are any tips for the rest of us and found Romney overpaid his taxes because of a misplaced deduction: "A special rule allows qualifying self-employed workers to deduct 100% of their medical insurance premiums, even if they don't itemize deductions. That might have helped Romney, who reported that he paid $14,176 in self-employed health insurance premiums in 2010. But he didn't get the tax break. Rather than claim the special deduction, Romney reported the premiums as a medical expense on Schedule A, where a deduction is allowed only to the extent such expenses exceed 7.5% of adjusted gross income. Romney's $14,176 of premiums fell well short of $1,623,488 (7.5% of his AGI)." Mitt could have saved himself about three grand, poor baby.

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