Everyone who itemizes their taxes wants to get the most out of their deductions. Most people are aware enough to get the big ones like mortgage interest. But there are many more deductions that a lot of people aren’t aware of. Uncle Sam isn’t going out of his way to let you know how many deductions you can take, or what qualifies. It’s up to you to find out about all the deductions that are available to you. Here are some lesser known deductions that you may be eligible for.
Medical expenses are tax deductible and most people know that. What people sometimes forget or maybe don’t know is that the mileage to and from all your medical appointments are also deductible. You can deduct 20 cents a mile for medical trips. If you incur parking fees on your medical trip, those are deductible too.
If you’re one of those good teachers who goes into your own pocket to buy classroom supplies, you can deduct that to a point. The IRS allow up to $250 in out of pocket expenses for school supplies if you’re a qualified educator. Just remember to keep all your receipts.
Health insurance premiums are like medical expenses and can be deducted. If you’re a self-employed person, it’s even better. Self employed can deduct 100 percent of health insurance premiums even if you’re not itemizing.
If you had to move because of your job you can deduct the moving expenses if the move was over 50 miles. This also applies to self employed people as long as they can prove that they work the required number of hours each week.
Don’t forget that if you use a professional tax preparation service to do your taxes, the fees are also deductible. There are many more deductions that you may be eligible for. Check with a professional to find out.
