7 Common Tax Deductions you May be Missing

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A chance to save money anytime is a real advantage and there are 7 common tax deductions you may be missing that can help you do just that. These commonly overlooked deductions are refinancing credits, green purchases, medical traveling and more. Many miss these tax deductions and are unaware of the money saving benefits. Knowing what these tax deductions are is a very important step to filing taxes efficiently.

Green Purchases

Obtaining tax deductions from purchasing energy-efficient items fluctuates. Tax deductions are obtained from purchasing green item such as solar panels, skylights, energy-efficient windows and more. These items are good for environment, useful and attain tax deductions.

Refinancing Credits

If someone has refinanced their home in recent years than they are enabled to remove points that they paid to have it refinanced. It may take a few years to gather money that was paid for refinancing but savings are considerable. During financial struggling and foreclosures many have found the need to refinance. The points you pay on the money you borrow can average you $70 to $120.

Not-Cash tax deductions

Generous donations are a well-known tax deduction but not all know that non-cash donations are tax deductible. Rather than leaving items at a local thrift store secretly, go in and request a receipt. Knowing this saves hassle and money when filing taxes. If you have left any item donations at a local neighborhood yearly Chinese auction, ask for a receipt as well. Obtaining receipts is a good way to acquire tax credit. This money can equate a tidy sum at tax time.

Medical traveling

Many are unaware of tax deductions benefits from medical traveling. Lodging expenses related to medical traveling enables those to request tax deductions from this. Medical travel expenses accumulate especially if someone has to travel a far distance to obtain medical assistance.

Child labor

Get your kids to earn their money and you get to pay them up to $5,950 tax free. This is a great way to keep extra money for school clothing or that future car they have been asking for. While they are working for you they learn valuable job skills for the future.

Home office

Office supplies are tax write offs. Documenting invoices, printing, pens, paper, postage, all cost money. Computer software, printers and comfortable chairs are all on this list. These are tax deductible. You are helping the economy and get a little boost for the effort.

Job hunting

When you are searching for a job printing out resumes takes money. Postage has become very expensive not to mention the cost of petrol. If you are using a job counselor this is expensive. Air fares and hotels add to the cost of your expenses but you can write off your job hunting expenses. However, they must equate 2% of your AGI.

If your unsure about tax deductions you may be missing and what you qualify for you can visit FloridaTaxSolvers.com (Steven Klitzner) to make sure you get the most out of your tax return.