Crazy And Surprising IRS Tax Deductions
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Transcript of Crazy And Surprising IRS Tax Deductions
![Page 1: Crazy And Surprising IRS Tax Deductions](https://reader031.fdocuments.us/reader031/viewer/2022020404/57906ccb1a28ab68748d13c5/html5/thumbnails/1.jpg)
Each year, millions of dollars in tax deductions and credits go unclaimed.
Make sure you never pay more taxes than you need to by using these credits and deductions.
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Home Improvements
Renovations that save energy don’t just cut your electric bill, they can also lower your taxes. The non-business energy property credit allows you to claim a credit for 10% of qualified energy saving home improvements. The residential energy efficient property credit allows you to claim a credit for 30% the cost of alternative energy equipment you’ve installed in your home.
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Refinancing Your Mortgage
Many homeowners know to deduct the interest they pay on the
mortgage for their primary or secondary home. However, many
do not know that you can also deduct some mortgage
refinancing costs. Taxpayers can deduct interest “points” paid.
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Charity
Deducting donations made to qualified charities is relatively
simple, but if you itemize your deductions, you can claim other
expenses related to charity work, such as travel expenses.
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Summer Camp
Summer camp, as long as it is a day camp, can count as an
expense toward the child and dependent care credit.
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Work Outside The Office
Expenses related to your job which are not covered by your
employer are tax deductible, such as the cost of professional
license renewal or liability insurance premiums.
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Moving for Work
If you moved because your job relocated or to start a new job
in a new city, you may be able to deduct the cost of reasonable
moving expenses.
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Student Loan Interest
Taxpayers who are repaying student loans can deduct the
amount of interest paid up to $2,500.
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Tuition and Fees
Current students can use one of two education credits, the
American Opportunity credit or Lifetime Learning credit, to
cover qualified education expenses like tuition and fees, room
and board, and books and supplies.
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Self-Employment
Self-employed taxpayers can deduct the “employer” portion of
self-employment taxes as a business expense. The self-
employed can also deduct health insurance costs and
retirement contributions.
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Health Savings Account
Health savings accounts are excellent ways to save money in
taxes. Individuals can deduct contributions up to $3,350,while
families can deduct up to $6,650 in contributions.
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www.taxassistancegroup.org
(855) 549-7829
Works Cited: Pincher, Penny. “11 Surprising Hidden Tax Deductions.” Ms. Couponista. MsCouponista.com, 11 April 2015.
Web. 27 July 2015.< http://mscouponista.com/2015/04/11-surprising-hidden-tax-deductions-2/>