Top 10 Most Overlooked Tax Deductions

Like it or loathe it – you have to do it. Yes, we’re talking about filing your taxes. While tax season is anything but enjoyable for many, what is enjoyable is receiving a bigger tax return. Speaking of tax deductions, you’d be surprised at how many are overlooked each year and how many of them can make a big difference in your return. That’s where we at PaydayLoansCashAdvance come in – we’ve compiled a list of the most overlooked tax deductions to help you find the largest refund possible.
Here’s a look at the ones that are most overlooked, as well as some tax deduction tips to help boost your return this year:

Home Fees: Closing costs, appraisal fees, title fees. While it’s well known that you can write off the interest on your mortgage and property taxes, did you know that you can also write off the costs that you incur when you sell your home? These costs can be significant, as closing costs often add up to thousands of dollars. So if you sold your home in the last fiscal year, writing such costs off is an opportunity you don’t want to waste.

Student Loan Interest: The only good thing to come out of paying back your student loans is that you can write off the interest or qualify for up to a $2,500 deduction if you aren’t claimed as a dependent by your parents and if they are the ones paying off your student loans.

Car Deductions: You might consider your car nothing but a giant “money pit,” but come tax season, it can help boost your tax return. But that’s only if you live in a certain state. For instance, we all pay a sales tax when we initially purchase an automobile, but some states continue to tax us year after year for continuing to own it and continuing to drive it. As silly as the aforementioned may be, you can use this continuing tax as a write off on your personal property taxes.

Green Appliances: “Going green” can boost the amount of “green” you get in your tax return. That’s right, by purchasing energy-efficient appliances, you can qualify for a number of tax deductions, such as the Residential Energy Property Credit, for products that help make your home more efficient overall (i.e., doors, windows, insulation, etc.) as well as energy efficient appliances like refrigerators, washing machines, dryers, ovens, air conditioning units, etc. What’s more is that you can even receive a federal tax credit if you purchase an eco-friendly vehicle such as a hybrid, plug-in hybrid or electric vehicle. The Chevy Volt, for example, qualifies for a $7,500 federal tax deduction and may be eligible for state tax deductions based on where you live.

Donations: Drive by any charitable donation center on Dec. 31 and you’re sure to see a line of cars passing through the donation drop off area of the facility. That’s because people are getting rid of things like old clothes and old appliances so that they can claim it on their taxes. Such miscellaneous items can help boost your tax return. However, beware if you’re planning on donating more than what you think is $500 worth of items – you’ll need to get it appraised before you can claim it on your tax return. But fear not, you can write off the appraisal cost.

Volunteer Expenses: Volunteering is a feel-good thing to do that helps the community. It can also help your tax return. For instance, keep track of all your mileage and all of your expenses getting to and from your volunteer location. This includes things like transportation costs, meals, parking fees, tolls, etc.

Business Expenses: Chances are you’re reimbursed for many of your business expenses or you have a company credit card that allows you to expense items directly to your company. But some things won’t qualify for reimbursement. Keep track of these things and write them off as a tax deduction. Examples are dry cleaning costs, laundry receipts and any materials that you need for your job that aren’t eligible for reimbursement. If you’re self-employed, you can write off just about everything, from any new equipment you’ve purchased to flight expenses to do business with clients.

Medical Expenses: Did you know that you can write off the cost of traveling to a doctor? Well, you can and it’s one of the more overlooked tax deductions! While traveling to your doctor might require minimal dollars, these things all add up, especially if you have to make a return visit. You can also write off medical expenses that aren’t covered by your insurance, such as therapy sessions, nursing services and programs that help you stop smoking. And while it’s not a medical expense, per say, don’t forget about the cost of daycare if you’re a working parent!

Job-Related Expenses: If you’re starting a new job and it’s more than 50 miles away from your current address, you can write off the moving expenses and any other fees that you incur while getting into your new home. If you’re choosing not to move, but instead to commute – you can write off up to 19 cents per mile on a commute that’s over 50 miles.

Job-Searching Expenses: While the economy is on the upswing since the 2008 recession, many Americans are still out of work or in between jobs. And as you’re searching for a job, you’re likely to pay postage costs to send your resume, put miles on your car as you travel to interviews, perhaps even be required to get on a plane and interview at a company’s corporate headquarters. This can all be deducted.

We know that tax season is more of a chore than a joy for many Americans and that’s why we’re here to help you get the most out of your tax return. By knowing these tax deductions are often overlooked, we hope to have assisted in getting the largest possible refund this year, and for years to come.

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