10 Tax Deductions You

Might Be Missing

Each year, millions of dollars in tax deductions and credits go unclaimed. Make sure you never pay more taxes than you need to by using these credits

and deductions.

Home Improvements

Renovations that save energy don’t just cut your electric bill, they can also lower your taxes. The non-business energy property credit allows you to claim a credit for 10% of qualified energy saving home improvements. The residential energy efficient property credit allows you to claim a credit for 30% the cost of alternative energy equipment you’ve installed in your home.

Refinancing Your Mortgage

Many homeowners know to deduct the interest they pay on the mortgage for their primary or secondary home. However, many do not know that you can also deduct some mortgage refinancing costs. Taxpayers can deduct interest “points” paid.

Charity

Deducting donations made to qualified charities is relatively simple, but if you itemize your deductions, you can claim other expenses related to charity work, such as travel expenses.

Summer Camp

Summer camp, as long as it is a day camp, can count as an expense toward the child and dependent care credit.

Work Outside The Office

Expenses related to your job which are not covered by your employer are tax deductible, such as the cost of professional license renewal or liability insurance premiums.

Moving for Work

If you moved because your job relocated or to start a new job in a new city, you may be able to deduct the cost of reasonable moving expenses.

Student Loan Interest

Taxpayers who are repaying student loans can deduct the amount of interest paid up to $2,500.

Tuition and Fees

Current students can use one of two education credits, the American Opportunity credit or Lifetime Learning credit, to cover qualified education expenses like tuition and fees, room and board, and books and supplies.

Self-Employment

Self-employed taxpayers can deduct the “employer” portion of self-employment taxes as a business expense. The self-employed can also deduct health insurance costs and retirement contributions.

Health Savings Account

Health savings accounts are excellent ways to save money in taxes. Individuals can deduct contributions up to $3,350,while families can deduct up to $6,650 in contributions.

To Learn MoreVisit

www.taxassistancegroup.orgOr Call

(855) 549-7829

Works Cited: Pincher, Penny. “11 Surprising Hidden Tax Deductions.” Ms. Couponista. MsCouponista.com, 11 April 2015. Web. 27 July 2015.< http://mscouponista.com/2015/04/11-surprising-hidden-tax-deductions-2/>