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Things I Can Claim in My Taxes
- In most states, you have the option of deducting either state income tax or state sales tax. Normally if you are taxed by the state, that is the best option. The amount you can deduct is based on an IRS provided table.
- If you've helped out a charity with a financial contribution or even given away clothing to a charity, with a reasonable value placed on it, you can deduct these contributions. Don't overlook any charitable contribution because by totaling all of them, the amount can be substantial.
- If you looked for a job during the tax year, make sure you deduct all job hunting costs. For example, include printing of your resume, trips to locations for job interviews. Employee agency fees are deductible, as well.
- If you work from home, you can deduct a proportionate percent of your monthly mortgage, as well as a percent of utility bills and other home-related expenses. You can also deduct health insurance as an offset against self-employment tax.
- One major deduction you can take is the interest part of your mortgage and well as real estate taxes. If you refinanced your home during the tax year, you are entitled to deduct refinancing points as well. Depending on your income level, these real estate deductions can drop you into a lower tax level saving you additional money.
- If you installed a new boiler, more cost efficient lighting, had your house insulated or paid for other energy saving approaches, you can deduct a percent of the improvements up to a maximum dollar amount.
- One deduction often overlooked is the cost of having your tax return prepared. If your accountant did your taxes or you used an online tax preparation services, those amounts are deductible.
State Taxes
Charitable Contributions
Job Hunting
Home Business
Real Estate
Energy Savings
Tax Preparation
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