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Tax Deductions That You Don't Want to Miss Out On This Year

Some would argue that paying your taxes is an event during which there are precious few happy moments to be found, but finding extra income tax deductions that you did not know you were eligible for is always going to be a very happy moment. While a well trained tax preparation specialist will have a definite advantage when it comes to determining which deductions are the wisest to claim in any given tax situation, you will find that you do yourself a favor whenever you add to your knowledge of deductions and how they can work for you. Each year, millions of US citizens overlook deductions that could help them reduce the amount they pay in taxes simply because they are not well versed in all of the deductions available and how they can be applied to help a person save money and, as a result, get more back on their refund. Most people already know that donations of money to a nonprofit charity are tax deductible, but they might not be aware of the fact that they can deduct expenses they incurred doing charity work, such as gas for driving their own vehicle to help the charity, on their tax return. This is only one example and once you get an idea of what you may have overlooked, you are bound to be shocked.

If you have refinanced a mortgage this year and you had to pay points in order to do that, then you can divide those points up into monthly costs and deduct them from your taxes each year until they are paid off. This is a very quick way to get one of the most commonly overlooked income tax deductions, but keep in mind that taxes you pay on real estate can also be deducted in certain cases. Those who live in a state that does not have an income tax levied by the state, but does have a sales tax, will find that they can deduct the cost of that sales tax on their federal income tax return. Younger people have some advantages, as well, because if they are moving to take their first job and that job is more than fifty miles away, they can deduct those moving costs without even needing to itemize them. Another tip that can be invaluable for students in college is that if your parents do not claim you as a dependent, but they do pay the interest on your student loans, then you can deduct up to $2,500 of those interest payments because the IRS considers interest payments by parents to be a gift to their child.