The Most Overlooked Tax Deductions
Through deductions, American wage earners have the chance to pocket more income, rather than hand over their hard-earned cash to the government. For those who keep good records, deductions can mean more money them – and less for the IRS.
This year, 2017, is a particularly important year to take any deductions that might be possible for you. Next year, the standard deduction is scheduled to virtually double, as will the child tax credit. These will make fewer people eligible to itemize deductions so now is the time to take them, if you can. What’s more, if you are one of those people whose taxes will go down, these deductions will be more valuable this year than next even if you do continue to itemize.
You probably know the most common deductions, such as deductions for property taxes (also scheduled to be more limited next year) and charitable donations, but there are related deductions you might be overlooking. Read on for some additional fees and expenses you can deduct to reduce your tax bill.