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.