We are all looking for more ways to reduce our Taxes. We all have to pay them, but we all get excited when we find new things that helps us lower our taxes. So what if you are not getting the full power of your tax deductions? Here are 5 tax deductions that we think more people should take advantage of:
- Charity: When you donate to charity it is hard to forget about it. Those bigger donations will usually show up in your payroll or have some sort of paper-trail, but that is not all there is. People do not consider their out of pocket charges for charity. These include the money you spent on ingredients for something you cooked or baked to donate. This can also included money you spent on gas for driving for any sort of volunteering or charity work. Just remember to keep your receipts.
- Job Hunting Cost: If you lose your job, or for some reason find yourself unemployed you can keep track of expenses paid while looking for a job and deduct those expenses. The expense may include; traveling expenses (including gas and lodging, if you have to travel far), Employment agency costs, Cab costs, and even the costs of printing out resumes, applications, business cards and cover letters. Again just make sure to keep track of your receipts so you can prove these cost went towards you finding a new job. This is also not available if it is your first job that you are looking for.
- Moving Costs to Take First Job: You are not completely out of luck if you are looking for, or have just obtained your first job. If you are forced to move to obtain your first job, then you can deduct the expenses you acquired in doing so. These distance must be a minimum of 50 miles.
- Baggage fees: If you are traveling for work, be sure to keep track of any of the additional fees such as flight change fees, cancellations fees, baggage fees, and anything else they like to stick you with. These fees tend to add up quickly and can equate to unbelievable totals by the end of the year. The good news is you might be able to catch a break on them when it comes to taxes.
- Energy-saving Home improvements: The government wants nothing more than for you to decrease your environmental impact on the world, it will truly help us in the long run. Home-owners contribute the most to environment impact because of different kinds of energy they use everyday. The government realizes how expensive it can be to improve the energy saving state of your home, so if you make moves to improve you can deduction some of those expenses to help give you a little break.
If you found these deductions helpful, but believe you could still use some help resolving your tax issues, you should go check Lothamer Tax Resolution to see how their tax resolution FAQs and eResolution can help you make the most of your taxes.