Are You Missing Out On These Money-Saving Deductions?

Photo of scissors and a cut piece of paper with the word taxes on it.

Ready to trim down your tax bill this year? Several deductions often slip under the radar for many taxpayers. Let’s dive into some deductions you shouldn’t overlook!

Home Sweet Home: Is a portion of your home used exclusively for business? Whether you’re self-employed or work remotely, expenses such as utilities, insurance, and even a portion of rent or mortgage interest can be deductible.

School Smarts: Beyond tuition, you may be eligible to deduct expenses like textbooks, supplies, and student loan interest. Student loan interest paid is deductible up to $2,500.00 per year depending on your income.

Spread Love, Slash Taxes: Donations to qualified charities can yield tax savings if you can itemize your deductions. Monetary contributions, donations of goods or property, and volunteer expenses are deductible. Keep track of receipts and acknowledgments to substantiate your deductions. Further, convert all or part of your RMD to a Qualified Charitable Distribution (QCD) from your retirement account to reduce your yearly taxable income.

Health is Wealth: Medical expenses must exceed a certain threshold to be deductible, yet many individuals overlook them altogether. Qualifying expenses may include medical and dental care, prescription medications, and travel expenses related to treatment. Keep track of all medical expenses throughout the year, they can add up quickly. Remember that funding a health savings account will reduce your adjusted gross income!

Looking forward to retirement? A traditional IRA contribution deduction may save you tax money now and help you plan for your future retirement!

SALT” isn’t just for Seasoning: The State and Local Tax deduction allows you to deduct income and property taxes, and sales taxes, if itemizing , up to a $10,000 limit.

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