Don't Forget about these Tax Deductions

Everyone wants to pay less in taxes and/or to get more from their tax refunds. And, fortunately, tax deductions provide an easy way to do that.

Unfortunately, though, there are many tax deductions that commonly get overlooked. Below, you’ll find a few commonly forgotten tax deductions, and, if any of them apply to you, make sure you take notice and take advantage of them!   

Educational Deductions

If you’re planning on going back to school or attended college in the past, make sure you take full advantage of all available education credits.

Two big ones that people often overlook are the American Opportunity Tax Credit and the Lifetime Learning Credit.

With the first one, you can enjoy up to $2,500 simply by having paid money for your first four years of college. With the second, you can enjoy $2,000 to help with tuition and fees for many types of education, even those that don’t culminate in a degree.

Health Insurance Deductions

Everyone needs health insurance, and making sure you have it can result in a tax deduction.

Self-employed individuals can take a deduction for their premiums, as well as any premiums they paid for family members. Traditionally-employed individuals can itemize their deductions to deduct premiums paid after taxes.

Donation Deductions

If you have a giving heart, then you might have made a donation or two throughout the tax year. If so, there’s a good chance you can deduct what you gave, providing you gave to a reputable, charitable organization.

If you prefer to give by volunteering, you can deduct travel and parking related expenses that you incurred by volunteering.

These are just a few of many deductions available. To make sure you don’t miss out on great tax savings, always work with a tax professional. They’ll be able to spot any deductions you might have missed and ensure you get any deductions for which you are eligible.