Crazy And Surprising IRS Tax Deductions

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Each year a lot of dollars got unclaimed in tax deductions and credits. Make sure you don't pay more taxes than you own.

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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.

www.taxassistancegroup.org

(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/>

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