Deductions You Hadn’t Considered

Tax-TimeIt’s that time of year again…no, not March Madness. A different type of madness – it’s called tax season. Whether you’re an early completer or a diehard procrastinator there are a few deductions you don’t want to miss out on. Kevin McCormally, an Executive Director at Kiplinger, has put together an easy-to-use, informative slide show that outlines the most often overlooked tax deductions. Check out the highlights below, then follow this link to see the whole presentation.

Some not-so-common deductions to consider:

  • Out of pocket charitable deductions – you should keep receipts if your total is over $250…and don’t forget to include your mileage. It’s a different rate than the standard work-related deduction, but you are entitled to include the cost of travel.
  • Student loan interest paid by parents – if you’re parents have been paying your student loan, the government treats it as money given to the child, who then paid the amount due. You may be allowed to deduct this interest payment from your taxable amount.
  • Job search costs – who knew looking for a job could pay off? Now you do – the government allows for deductions if the total costs exceed 2% of your adjusted gross income.
  • Moving expenses for your first job – another example of the government helping younger employees. If you’ve moved or incurred significant expenses to take your first job, you are eligible to receive some of it back.
  • Deduction of Medicare expenses – this is one for the self-employed. You may be able to deduct premiums that you have paid, ultimately lowering your taxable revenue and saving you money.

Take a few minutes to review the most often overlooked deductions and see what you qualify for. Whether you’re completing your 2013 taxes, or find enough unclaimed expenses to warrant an amendment, it’s in your best interest to claim everything you’re entitled to. Finally, check with the experts in your local chapter. There are many Jaycees involved in the financial and accounting industries that could provide valuable direction as you finish this year’s paperwork. When you’re done, take a few minutes and share any tips or overlooked deductions with your fellow Jaycees on our Twitter and Facebook feeds…it’s information we all can use!

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