February 02, 2025
Greetings!
It's February and that means those W-2s are in the mail right now (if you haven't gotten yours already). If you are getting any of your tax money back from the government you shouldn't wait to file.
If you aren't expecting to get any of your tax money back from the government, make sure you haven't overlooked any of these money-saving deductions.
Here are our 10 most overlooked tax deductions. Claim them if you deserve them, and keep more money in your pocket.
Be Well,
Anisa
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Here are 10 commonly overlooked ones that could save you money:
1. State Sales Tax: If you live in a state without income tax, you can deduct state sales tax instead. This is especially helpful for big purchases like cars or boats.
2. Reinvested Dividends: When dividends are reinvested to buy more shares, your cost basis increases. This lowers your taxable capital gains when you eventually sell those shares.
3. Out-of-Pocket Charitable Expenses: Don't forget those small expenses related to volunteering, like ingredients for meals you make for a shelter or mileage driven for charity work.
4. Student Loan Interest Paid by Others: If someone else helps pay your student loans, you can still deduct the interest as if they gave you the money and you made the payment.
5. Job Search Expenses: Deductible expenses can include resume preparation, travel for interviews, and even fees paid to employment agencies.
6. Medical Expenses: These can add up! Include things like travel to appointments, home improvements for medical reasons, and even some alternative treatments.
7. Child and Dependent Care Credit: If you paid for childcare while working or job hunting, you might qualify for this valuable credit.
8. Energy-Efficient Home Improvements: Tax credits are available for things like solar panels, energy-efficient windows, and HVAC systems.
9. Moving Expenses: If you moved for a new job, some related expenses might be deductible.
10. Home Office Deduction: If you use part of your home exclusively for business, you can deduct a portion of related expenses like mortgage interest, utilities, and rent.
Important Note: Tax laws are complex and can change. This list is for informational purposes only. Always consult a qualified tax professional for personalized advice.
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