10 Secret Tax Deductions You Are Not Taking!
Monster 10 Special Report!
It’s that time again a year the dreaded tax season! It seems each year the government gets more complicated with the tax law changes. However in this monster report we give you ammunition so you can get some of your hard earned money back with a larger refund. Here is the top 10 secret deductions you may not be aware of but should be taking!
10- Additional Charity!
“A deduction you may have never considered but could be a definite tax deduction is volunteered time for charity. You can quantify your time into an amount as well as any money spent for supplies for gifts cold be written off as well.” ..…………..!
9- First Time Job Moving Expenses!
“If you get a job for the first time, let’s say out of college you could potentially write off the moving expense if it’s a minimum of 40 miles away..…………..!
8- Military Reserves!
“If you serve in the military reserves and travel more than 100 miles once a month for your training etc. you are able to deduct this expense. You are also eligible to deduct any lodging and the miles driven to the base location.”....…………..!
7- Child Care Cost During The Summer!
“You may have known about child care can potentially be written off on your taxes during the school year. However you may have not known that summer care costs can also be used as a deduction on your taxes as well”..…………..!
6- Mortgage Refinance Points!
“For the most part most people are aware of the interest deduction or first time home buyer tax credit. But what you may not be aware of is that you are allowed to deduct the points paid on a loan if you refinance it. This could be up to several thousand dollars as a write off ..…………..!
5- Making Your Home Energy Efficient!
“Home efficiency is a huge write off that many individuals don’t act on. There is a tax break for efficient lights purchased for the home over 150 dollars. Replacement windows over 200 dollars could be written off as well an energy efficient air condition.”..…………..!
4- Medical Costs!
“This secret tax savings many people don’t take advantage of but certain cold medications and other medical costs not covered under a Health Savings Account could be written off. In addition if you are self-employed, 100% of all your medical cost could be written off”...…………..!
3- Retirement Savings!
“Retirement savings for IRA could be deducted up to 50% of the first 2,000 dollars contributed. There is an additional 1,000 dollar tax credit for other retirement plan contributions as well”.. Be sure to see qualifications on the education before taking it.…………..!
2- Educational Expenses!
“There is a lifelong educational credit up to 2,000 dollars going toward any higher education that many people are un-aware of. In addition you can take up to another 4,000 taxable for other educational expenses. Be sure to see qualifications on the education before taking it..…………..!
And The Number 1 Secret Tax Deduction Is…………..
Monster Growl Please…………………………….
1- 1-Job Hunting Costs!
“DING DING DING!!! “That’s right you read correctly! If you are in your present occupation and the costs exceed 2% of your adjusted gross income to obtain another job or higher position those cost could be tax dededucted. ..…………..!