10 Potential Tax Deductions

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Tax season is upon us. It’s just about everyone’s least favorite time of year. Doing your taxes is definitely a bit of a drag, but it doesn’t need to be as painful as many people make it out to be. Try hiring a professional to help you get through the process, or, if you are a true DIY-er, pick up an at home tax program. No matter how you do your taxes, remember, there are tons of items that are tax deductible. Here’s a short list of some of the things that may contribute to your refund this year:

  1. Mortgage Interest
  2. Medical Expenses
  3. Home and Business Improvements (Especially if they increase energy efficiency.)
  4. Student Loan Interest
  5. Business Expenses (Potentially everything from pencils and paperclips to entertaining clients during a business trip.)
  6. Transportation and Accommodations (Do you use your car for business purposes? Did attend a work related seminar last year? Do you travel to a monthly business meeting in another city?)
  7. Charitable Donations
  8. New Car (Again, especially of the energy efficient variety.)
  9. Expenses Incurred While Seeking Employment (You may be able to write off your new “interview” suit.)
  10. Continuing Education (Did you renew a professional certification? Maybe you took a few classes to brush up on skills you need to move your career forward?)

Remember, this is not a comprehensive list, and you may qualify for even more deductions than I’ve listed. Also, be aware that this isn’t a be-all end-all list. Consult a tax professional to find out how this year’s tax code applies to you and your individual situation.

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2 thoughts on “10 Potential Tax Deductions

  1. I’m taking a class right now that I need for my professional license. I’m looking forward to the write off next year 🙂 Thanks for the reminder.

    • You’re welcome. Congratulations on working towards your goal! I really enjoyed getting to write off my grad school classes and related expenses. It helped me feel vindicated in a way for all of the time, money and effort that went into my masters degree.

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