When your budget won't let you give gifts to everyone in the world—which is always, by the way—who should you give...
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If you search the internet, you'll find all types of deductions you could claim this year. Sadly, though, your everyday Joe doesn't qualify for a lot of them. However, we dug up four deductions most of you can qualify for.
State sales taxes
This makes the most sense for people who live in a non-income tax state. For those who have to pay income taxes, it's usually better to skip this deduction and take the income tax deduction.
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You can get a deduction on charitable donations. For instance, deduct the mileage put on your car for charity work or the meals you prepare for a nonprofit organization. This deduction is just one more reason to donate to a worthy cause!
Student loan interest (if paid by Mom and Dad)
We don't recommend student loans. But if you already have one, you can deduct the interest if your parents paid back the loan. You see, the IRS treats it as if Mom and Dad gave their kid the money, who then paid off the debt. The only catch is that the kid cannot be claimed as a dependent.
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Last year's state tax return
Last year, did you owe your state instead of getting a refund? If so, you can deduct the amount you paid the state in last year's return.
Let's face it, taxes and deductions are flat out confusing. Even Harvard graduates have trouble trying to figure out all the deductions they deserve. But do you know who isn't confused by all these rules and numbers? Our tax Endorsed Local Providers (ELPs).
Our tax ELPs are professional CPAs and Enrolled Agents who can get you every deduction that you deserve. Contact your tax ELP today. Hey, it's your money; make sure you get everything you deserve!