Now that tax time is here, these 20 top missed tax deductions can help us save as much as possible.
Its that time of the year. Taxes. Its actually pretty funny. I love tax time. Am I the only one? I find it really exciting to do all of the math and numbers and figure out if i'm getting any money back! Crazy, I know. In the past, I have always done my taxes by myself. The day I received my W2's in the mail, I would rush to the computer to quickly file. The older I get and the more complicated my taxes become, I have found that it saves me time and I get more money back if I go to a CPA. Christopher Porter, from Porter & Company PC shares these great tips with us about the 20 missed tax deductions. I know that I have missed many of these in the years past. Here's to getting as much back as we deserve!
- Charitable Miles Driven
- Interest on RV or Boat (that could qualify as a second home) loan. HINT: You don’t actually have to live there.
- Sales tax paid on a Motor Vehicle, Boat, Aircraft, Home (mobile, manufactured), or substantial addition or major renovation to a home
- The work-related (or business-related) portion of your cell-phone bill
- The work-related (or business-related) portion of your internet bill
- Refinance loan origination fees
- Real estate taxes (on main home and other homes and land)
- Mortgage insurance Premiums (if home closed after 2006) When buying a home in Canada, be sure to take advantage of the HST new housing rebate.
- Home equity loan interest
- Out-of-pocket volunteer expenses
- Non-cash charitable donations (HINT: Goodwill)
- Dependent Care Expenses (including preschool)
- Books and other educational supplies for undergraduates who qualify for the American Opportunity Credit (such as books or Laptop computers)
- Cell phone or computer purchase (used for work or business)
- Protective clothing required at work
- Union Dues
- Tools and Supplies used for work or business
- Job education (including travel to deductible job education)
- Job-hunting costs in the same line of work
- Home Office Expenses
Porter & Company PC, Certified Public Accounting is a premier CPA firm located in southeastern Washington. With service to all 50 states, they provide a variety of high-quality accounting services including individual and business tax preparation. They can also be found on Facebook.