3 Tax Tricks to Know About Before Filing Your Annual Returns

Tax time is usually a headache and can also leave you with a hefty financial dent. Many tax payers miss out on legitimate deductions or tax credits each year because they simply don't know the rules. So here are 3 often overlooked tax tricks to keep in mind when filing your return. If you're hunting for a job, the IRS actually allows you to deduct many job-seeking costs while you're between positions. These can include travel expenses for interviews, membership to networking associations and coffee and food costs when meeting with potential employers. Total costs must be in excess of 2 percent of your annual gross income to receive a benefit. There are several professional fees that may also be deductible. That includes your tax preparation costs. Many people are eligible to deduct the cost of software or consultation services as well as various kinds of legal expense. So it actually may make more financial sense than you think to get professional help with your returns. Parents can additionally look for savings on student loan payments. If your child is no longer claimed as a dependent they can deduct up to $2,500 of student loan interest paid by the parents each year. This counts as an adjustment to income rather than an itemized deduction. So make sure you keep receipts and log your expenses. Don't miss out on easy ways to save.