How Not to Miss Out on Deductions?

When do you focus on your taxes? April? Savvy people think about their taxes year-round. Why, are they nuts? On the contrary, if you think about your taxes year-round you will also be searching for those items that you may be able to deduct later. If you would like to chance at a bigger refund check than read on. According to an article, lots of common deductions are missed every tax season because people were not paying attention the entire year. For example, did you change jobs recently? If you did change your job and as a result, had to move because of the job, many of those moving expenses are tax deductible. Between food, gasoline, and lodging, you are looking at a pretty substantial deduction that you could be missing out on. Other deductions related to your job (even if you didn’t change jobs) include: union dues, uniforms, and professional journals and subscriptions. Another often overlooked tax deduction is that of home improvements.If you made some home improvements that made your home energy efficient, then these could qualify you for a home energy tax credit deduction. Last overlooked tax deduction is that of giving to charity. It does not have to be a lot and even giving of your time is tax deductible. Looking for more? Here are a few more unknown tax deductions that you may not be aware of: medical costs, health insurance premiums, your electric bill, marketing yourself, losses due to theft or destruction, credit card costs, tax software,jury pay, and lifelong learning credit.

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