With tax season fast approaching many people are hoping that they can get the most out of their refund and save money. The key to getting the best deal on your taxes is to understand your deductions and credits. There are many different deductions and tax credits that you can take. Here are some of the lesser-known deductions that can really save you money.
1. Education Deductions and Credits
If you are a full time student in college you can deduct your tuition. Your school should send you something called a 1098-T. This is a document that states how much money you paid in tuition and school related expenses in the year. When you file your taxes it is important that you claim that. You will get a break on your taxable amount because they will deduct the amount that you paid.
In addition, there are some tax credits that you can get. For instance, there is an American Opportunity Credit that is very helpful for many people. This can give you back a good amount on your refund. You don't want to miss out on this credit.
2. Home Office Deduction
Do you run a home business such as a blog, music studio, essential oil distributor or anything else? If so you can deduct any expenses that you have related to the business as a home office deduction. For this reason, you should keep track of your expenses throughout the year. You can calculate the depreciation on your computer, musical instruments, gas spend on travel and anything else that you might have done for the business.
You can save a lot on your taxes with this deduction, but you have to make sure that you have documentation to prove it. So try to keep good records throughout the year.
3. Medical Expenses
There are many dedications that you can take for your medical expenses. You can even deduct the amount that you paid in health care premiums if you purchased the plan on your own. If you have had a lot of medical expenses throughout the year, keep track of it. You can count those as deductions and get a break on your taxes. This is a great way to save money that many people underutilize in their taxes.
One of the best things that you can do to save the most on your taxes and get the most out of your refund is to hire a tax professional (such as Hy Appelbaum CPA) to prepare your taxes. They will help you to get all the necessary credits and deductions.
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