As A Matter of TaxDon't wait until the end of the year for your tax prep
Many educators are aware of the deduction they can take on the front of their tax return for out-of-pocket expenses that aren’t reimbursed by the institution they teach for.
Tax Preparation Fees
I don’t know if you are aware or not, but the fee you paid to have your tax return prepared this year is deductible on your tax return next year.
Losses or Theft
That personal item you love was lost, stolen or damaged? Got into a vehicle accident and the insurance company didn’t totally cover everything? You may be able to deduct the value of the loss on your tax return. Talk to your tax professional about the benefit you can take for those losses on your tax return.
I don’t know about you, but when I worked for other companies, my job liked to send me places for training and didn’t always reimburse me for all of those expenses. But that’s ok. You can deduct those travel expenses on your tax returns
Staying abreast of the current trends in your career is important. It can can be costly too! Be rewarded for investing in your career.
Give to receive! Charitable donations, whether in cash or in kind, to a qualified organization can net you a tax deduction equal to the amount of cash or the value of the items donated.
Investing in the market can be a smart way to grow your hard-earned money. But it can also be expensive. However, you may be eligible to deduct the investment fees you paid.
Mortgage Insurance Premiums (MIP)
So you bought a new house and wasn’t able to make that hefty down payment and now the bank would like you to pay mortgage insurance.
Home Mortgage and Points Paid
The biggest purchase many Americans make is their home. And for many, this purchase will involve obtaining a mortgage. Mortgage interest–and the related points paid at closing–can be deducted on your tax return
State and Local Taxes
Did you know that state income taxes are deductible? It’s true! If you paid tax to any state or had state tax withholding, you are able to take a deduction for those amounts on your tax return.