Alright, now that the new year is finally here, we can all settle down and get back to our jobs. No more turkey dinners for a while. No more candy from those stockings. Just work. Exciting huh? Well, we get to put all those New Year’s resolutions to work starting, well, hopefully, yesterday. There aren’t any more holidays to mess with your schedule. The next big day is coming up, though. What’s that you say? Tax Day…
Tax time is such a polarizing event in our yearly schedule. Either you love tax time or you hate it. For those who have planned for the entire year around that refund check, you are probably already gathering up all your financial information in anticipation of filing. However, double check everything before you file. You do not want to leave money on the table.
I read an article on Eyes On The Dollar a few days ago that reveals 11 Tax Deductions You Might Be Overlooking when you file. For a more detailed explanation of these 11 deductions, you should definitely click on the link and read it.
The eleven deductions listed in the article are as follows:
1. Moving Expenses
2. Student Loan Interest
3. Membership Dues
4. Home Office Space
5. Job Hunting Costs
6. Internet & Phone Charges
7. Work Related Educational Expenses
8. Tax Preparation Expenses
9. Health Insurance for the Self Employed
10. Business Books and Subscriptions
11. Excess Social Security Taxes
It is easy to rush through the tax form so that you can get it sent off. It’s understandable that you might overlook some of these deductions. However, look at it this way. Anything that you don’t claim for your return is like taking the money and throwing it in the trash. In the past, I have written about people who are grabbing up some of your money. However, in this case, you would simply be leaving it yourself. Everyone want to pick up a little extra cash here and there. This is an easy way to do it.
What do you think? What does your tax time ritual look like? Do you know of any deductions that are not on this list?