by Stacy Francis, CFP®, CDFA
Tax refunds are finally here! While I didn’t receive one myself (people in my business rarely do), many of my clients did, and many chose wisely – they decided to invest at least part of the money. In order to help you score a refund (or if you get a refund, to help you get more next year), here are a few things you may not know you can deduct.
College tuition expenses. As long as you’ve kept the receipts from your payments and the school is bona fide, you can save quite a lot this way
Charitable donations. This deduction is not just available for the organizations that pop up toward the end of your filing when using FreeTaxUSA, but it applies to a wide range of causes and organizations. Find one that makes your heart beat a little faster, and save yourself money while saving the whales.
Car mileage and expenses. The many of you who commute to your place of employment can feel a little better about all that money you burned at the pump.
Out-of-pocket medical expenses. Had to go to the emergency room, and had a fallout with your insurance company about eligibility? You are not alone, and now you can get some of your money back – hopefully easing the pain a little.
In certain situations, you can deduct numerous expenses related to job hunting. So if you are sending our resumes and interviewing, don’t toss your receipts!
Childcare is, thankfully, many times tax deductible.
While this list is far from complete, it should provide you with a nice starting point for paying less taxes.