Deductions You Could Be Getting
When doing your taxes you should be aware of all the money you could be saving. Every dollar matters when money is tight. Here are some important tax deductions that you may not know about, which will allow you to keep a more of your money:
- You have the option of deducting either state taxes or sales taxes from your federal taxes each year. If your state doesn’t have income tax, this may be a big help to you, especially if you’ve purchased something large like a car during the year.
Tax Savings For Teachers
- If you’re a teacher, you’d might want to take note. Often times, teachers have to buy supplies for the classroom out of pocket. However, they can deduct up to $250 for classroom supplies on their federal taxes.
Paying the Babysitter
- If you go out and perform some sort of charitable work, there may be a tax deduction for you. If you have to leave your kids at home with a babysitter, you may be able to list your payment to him/her as a “charitable contribution,” which can go back to you at the end of the year.
Additional Charitable Gifts
- Most people know to take note of how much they donate to a charitable cause, as it is tax deductible. However, the expenses incurred in the process of performing that charitable act are also tax deductible. For example, the cost of the supplies used to produce something for a charity group are eligible.
- If you are in-between jobs and looking for a new job in the same field, this one’s for you. The costs associated with looking for a new job, such as resume-preparation and any services with an employment agency, are tax deductible.
A good amount of tax deductions recognize an individual’s financial needs and act to ease some of their stress. Consider looking into these options and get as many benefits as possible to help with your financial burden.