11 Jan Tax Deductions You May Not Know About
With the start of the new year, it will be tax season again before you know it! Taxes may seem like a daunting task that you just want to get out of the way but it’s important to look over all of the forms carefully so you can take advantage of as many deductions as you can.
Here are some tax deductions that you may not know that you are actually eligible for:
Home improvements: If you have done renovations on your home in the past year that will cut energy costs, you can claim a tax credit for them.
Healthcare: Many people know that some of the costs of healthcare is tax deductible but it is important to look into every detail. For example, if you’ve undergone laser eye surgery, those costs could be tax deductible.
Cost of moving for work: If you moved over 50 miles away for work in the past year, a portion of your moving expenses are tax deductible.
Charitable Donations: Most charities will offer a tax write off form when you make a contribution. Even if you donate household items or clothing to your local Goodwill. Make sure you keep the receipt as a record of any donations made during the tax year.
Fostering or adopting a pet: If you foster or adopt a dog or cat from a charity, those costs may be tax deductible. Consult the office where you fostered or adopted the pet for more information.
Quitting smoking: If you are working on quitting smoking, the costs of any nicotine patches or other smoking prevention tools are tax deductible.
Tax service fees: If you paid for any tax preparation services in the past year for the previous tax year, most of those fees are tax deductible. For example, if you paid for tax services for your 2014 taxes, those will qualify as deductions for your 2015 taxes.