Top 5 Tax Write Offs You’re Missing Out On
July 21 2015
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You’re a good person. You’re doing your taxes. You’re spending lots of time making sure it’s done right and nothing gets let behind. You are, however, worried that you’ve missed something, or you’re not getting the return you deserve. The truth is—you’re probably not getting back all the money you should be. And who wants to leave money behind?
Before you freak out, take a deep breath and read below for some tax write offs you might be missing out on. Don’t worry, we’ll get you through this.
1 Charitable Donations
Sure, it’s easy to remember the big stuff, but what about the smaller donations you’ve made throughout the year? If there are a few charities you’re donating $5-$10 a month to, make sure you keep track of those expenses. It might not seem worth the effort at first, but we promise you—they add up!
2Job Hunting Costs
Let’s face it, job hunting is no fun. The hours spent printing out resumes and traveling to interviews can take a toll on you. A lot of money can be spent on gas, tolls, parking, employment agencies, etc., and this is money you probably thought was gone for good. The good news is that you can write off some of those expenses, as long as you qualify. To learn more about what deductions you qualify for, feel free to drop us a line.
3Relocation for Work
While we’re on the topic of job hunting, relocation for work is another tax write off you might be missing out on. If you quality, you might get money back for most of your moving expenses like gas, shipping and packing, storage, temporary lodging, tolls, and anything else that may have cost you some hefty fees. There are some requirements that apply, so check it out to see if you are eligible.
4Education
There are tons of education-related deductions you might be missing out on. Hopefully, you’re remembering you can deduct up to $2,500 in interest paid on student loans, but there are many more available to you. There are two credits that shouldn’t be overlooked: the American Opportunity Tax Credit and Lifetime Learning Credit. We all know how much continuing your education costs, so make sure you get the money you deserve.
5Self-Employment Expenses
It’s hard to know what to write off when you’re working for yourself. There can be loads of expenses, some you wouldn’t even think about unless you had everything well-organized. Remember, you don’t have to be working full-time to qualify for self-employment write offs. Don’t forget to deduct expenses for any subscriptions, office supplies, travel, books, etc., that you used for your business. You deserve this money, so don’t be afraid to write it off!
We know how confusing this all can get and how easy it can be to overlook something important. If you want to know exactly what deductions you qualify for, please don’t hesitate to give us a ring. Your money is waiting.
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