4 Things You Didn’t Know Are Tax Deductible
Tax time… It’s something that everyone dreads. However, many people don’t realize the amount of deductions they might actually qualify for. According to a study by the Tax Foundation, only 35.61 percent of all Americans itemize their returns. Below are just a few things that are eligible for tax deductions.
If you’ve moved more than 50 miles away from your previous residence within the past year, you qualify for a deduction of 23 cents per mile of costs associated with transporting yourself in your own vehicle. This even includes parking fees and tolls. If you are a member of the U.S. military, you automatically qualify for this deduction and you do not need to meet the mileage minimum.
Dental & Medical Expenses
Keep proof of your co-payments. If your total medical expenses surpass 10 percent of your adjusted gross income, then you qualify for a tax deduction. For senior citizens, expenses over 7.5 percent of your adjusted gross income qualify for a deduction.
What qualifies and does not qualify for this deduction depends on your profession. For example, a police officer’s uniform or safety gear will qualify as a deduction. Also, any specialty shoes that are specifically used for your job can qualify. Clothing costs can be included on the Schedule A attachment of your tax returns under “miscellaneous itemized deductions.”
If you have a specific room in your home set up for business, then you qualify for a tax deduction. To qualify, the room must have at least a partition if there are no doors or walls. Other things such as long-distance calls from your business number or painting an office apply as well. For more information, TurboTax provides a detailed list of deductions you might be eligible for.