5 Tax Deductions That Are Too Often Overlooked
The I.R.S. doesn't make it easy to find all the deductions available These 5 tax deductions could be a serious supplement to your returns. State sales taxes this write-off makes sense primarily for those who live in states that do not impose an income tax. Out-of-pocket charitable contributions you can write off out-of-pocket costs you incur while doing good deeds.
The American Opportunity (AOC) Credit you can get $2,500 for paying $4,000 of college tuition. Log onto your college web portal, find and print out the 1098-T document. Use your Health Savings Account (HAS) if your health insurance plan is a Qualified High Deductible Health Plan (QHDHP) fund those HSA's to the maximums the IRS allows.
Tax breaks for healthy and eco-friendly living installing windows, energy saver heaters, and insulation can get you a tax credit up to $1k. There is even a credit for biking to work.
Read More: 5 Tax Deductions Americans Should Take, But Too Often Don't
This article was written by a staff member of TheStreet.
