Awe man! Tax season is right around the corner. Everyone is hoping they will not owe Uncle Sam this year and that maybe they will actually get something back.
Check out these 7 most overlooked tax deductions. You will want to keep these deductions in mind whenever tax season hits. Whether you’re doing your own taxes or if you need a subtle reminder for someone completing your taxes for you this year.
- Student Loan Interest-Those pesky student loans can go away for just a second as you bask in the gloriousness of getting some rate of return on them. Student loans have outrageous interest rates, so it’s nice to get that student loan tax deduction at the end of the year.
- Child Care Expenses-If you’re a parent that has sent your child to daycare this year, keep in mind that you’re eligible for a tax deduction. You will want to make sure your caregiver is aware you will be turning their information in as you do your taxes, this way they’re not surprised in any way shape or form.
- Military Deductions-If you or your spouse are in the military, you might be super excited about this next one. You will want to look up the exacts of what you’re qualified to deduct as it changes from year to year. However, sometimes military personnel can receive deductions on their travel and lodging to drills or meetings.
- Being a Caregiver-Not many people know about this tax deduction. However, being a caregiver may qualify you to receive a tax reduction as they are your dependent whenever you’re caring for them. You can typically deduct the cost of caring for them for things like in home care.
- PayPal Fees- If you are a professional that uses PayPal on a daily basis, you know the sting of the fees associated with it. You can easily deduct this as a business expense. While you will not get the full amount back, you may still receive a nice chunk of a tax deduction.
- Miscellaneous Expenses- Most people ignore this tax deduction because they get too nervous to use it. It can be hard to know what qualifies as “miscellaneous” in terms of the government. A good example of this type of deduction would be deducting costs associated with transportation expenses while job hunting. Sometimes you can deduct miles that you’ve put on your vehicle due to a job. Always check with a professional to make sure you qualify for specific miscellaneous expenses.
- Personal Property Taxes- If you have paid property taxes this year, you may be eligible for a tax deduction.
Keep in mind that taxes are not the same for everyone. What you may qualify for, someone else may not. Keep these tax deductions in mind whenever it’s time to file.
Do you have any overlooked tax deductions to add to the list?