A big part of ensuring you get the biggest tax refund possible is claiming all the tax deductions and credits your eligible for. We all know life events like having children or buying a house have tax benefits, but what about other ways to save? It may seem impossible to know them all, but luckily, you don’t have to. Tax software like TurboTax will ask you simple questions when filing your taxes and will automatically check for more than 350 deductions and credits based on your answers.
Whether you donated supplies during the holiday season or you’re your own self-employed boss, it’s important to remember valuable tax deductions when filing your taxes. Check out these seven commonly overlooked tax deductions for family, home, and business.
Personal property taxes
If you happened to buy a car, house, or even a boat this past year, the thought may have crossed your mind that you’d have to pay taxes on it. You may have even received a state and local personal property tax bill during the year for your new purchase. While it’s a chunk of change out of your budget, the good news is that state and local property taxes related to personal property may be tax deductible.
No one likes going to the doctor, but there’s a small silver lining: you may be able to claim your medical expenses as a tax deduction on your tax return. If your medical procedures exceed 10% of your adjusted gross income (7.5% if you are 65 and older), you’ve itemized your tax deductions and you paid your bills within the filing tax year, then you may be eligible to claim those expenses. If you’ve incurred medical expenses during this tax year, it might be worth a look to…