5 Little-Known Tax Deductions

5 Little-Known Tax Deductions

Did you know the more tax deductions you can find and use, the more money you will save? While this is great, knowing the available legal tax deductions is half the battle.

According to TurboTax, here are 5 little-known tax deductions to consider this year, if you haven’t filed your tax return yet. If you have filed, you can apply these tips for every year’s taxes.

#1. Are You a Working Parent?

Parents who work and leave their kids with a babysitter are eligible for a tax credit. There are certain limitations on age and percentage of the credit. So if you are a working parent, it’s worth your while to find out these limitations.

#2. Are You Moving?

If you got a new job, and it is 50 miles further from your home than your old job, you can deduct the costs associated with moving, including transportation, storage, insurance and even lodging.

#3. Work Part-Time?

If you have two jobs, and one of your jobs is part-time, you can deduct a portion of the cost of getting from one job to another each and every day you work. Over the course of a year, this deduction can really add up.

#4. Give to Charity?

We all know you can deduct charitable contributions. But did you know you can deduct the cost of transportation to a charitable event or fundraiser? You can, just be sure to keep track of your miles. If you attend charitable events often, and if you support many different charities, this deduction can add up fast.

#5. Home Office?

If you are self-employed, you are eligible for a variety of deductions that other workers can’t claim. Working at home, you can deduct a portion of your utilities, a portion of your cell phone usage, the mileage you drive for business-related activities, and even a portion of your rent or mortgage.

Now I just have to leave you with one word of warning. If you’re not an expert when it comes to taxes, I suggest you check with your tax professional first. They will know the most recent changes of what you can deduct and what you can’t. While this will cost you a fee, what you can save be going to a qualified professional will make up the difference.

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