Tax Deductions You May Not Have Considered

Tax Deductions You May Not Have Considered

Putting together your tax return can be very overwhelming, particularly if you are still new to filing or you have a complex employment situation. More »

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Tax Deductions You May Not Have Considered

Putting together your tax return can be very overwhelming, particularly if you are still new to filing or you have a complex employment situation. One of the ways to make the most out of the process is to ensure that you claim all of the deductions you are legally able to. However, many people aren’t aware of just how much they can claim on their tax return if they have the documentation. It is important to keep track of all your expenses and your receipts to ensure that you can adequately claim the deductions you are owed. Here are some deductions that you may not have considered that can really help you with your tax return.

Job search materials and travel

If you are unemployed and searching for a job, you can claim any money spent on trying to find a job on your tax return. This includes small things like printing resumes, as well as big things, like airfare to travel to an interview. There are some stipulations on what counts and what doesn’t, so be sure to check with your tax professional before filing just to make sure. However, this is an important one to take advantage of – it can really save you money if you are unemployed.

 

Job relocation travel

If you need to relocate more than 50 miles for a new job, then you can deduct any expenses relating to moving on your tax return. This includes transportation, such as gas or airfare, the cost of moving vehicles and storage space, and any other major relocation costs. Since the expenses associated with moving can often deter people from taking a new job, this deduction helps ease the stress associated with that.

 

Non-cash charitable contributions

Most people are aware that you can deduct charitable financial contributions from your taxes, but did you know you can deduct the value of non-cash contributions as well? If you donated items to a charity, for example, you can actually deduct the value of the items on your tax return. This is based on the current market cost of the item. In some instances, you may also be able to make a deduction if you contributed your time, depending on your employment and the value of your services.

Personal health insurance for freelancers

If you are self-employed, you can actually deduct the cost of your health insurance on your tax return. This is a huge benefit for those who are self employed, because the cost of health insurance can be much higher when you are the one who has to purchase it completely. There are also many other tax deductions you can take if you are self-employed, such as any expenses you take to run your business out of your home.

 

Energy Saving Home Improvements

This is a new credit that has been put in place to encourage people to make environmentally friendly changes to their homes. For example, if you have made any changes to your home’s energy system that result in less usage, then you can deduct the cost of those improvements. Other things that may fall into this category include insulation, new windows and doors, or a new smart thermostat.

 

These are just a few of the many tax deductions you may be able to claim on your return. Contact your tax professional today for more help and advice on this matter.

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