Tax breaks are every American’s dream. Since taxes themselves are the biggest pain in the neck for U.S. citizens, whenever we get the chance to cut down some money, we take it.
However, a lot of people don’t claim their deductions, because they don’t know about them, or if they are even eligible to file for them. And, since the IRS isn’t a huge fan of these deductions, they aren’t exactly making them too well-known.
But, we’ve got your back! We’ve listed below some of the biggest and most important tax deductions that you had NO IDEA existed.
By the way, number 4 is going to both shock you and infuriate you because you definitely had no idea it’s possible! At least, not until now!
1. Charitable deductions
If you’ve ever made a charitable gift or important donation to a charity by paycheck or payroll deduction, then you qualify for a deduction! Little things count, as well as out-of-pocket costs that occurred while doing charity work.
For example, the ingredients that you used to make casseroles for a charity organization, or other things of the sort, count as out-of-pocket contributions.
It’s very important to keep all of your receipts and if the contributions are higher than $250, you should also get an acknowledgment from the charity, attesting to the support that you provided.
Bear in mind that whenever it comes to taxes it’s always important to keep all of the receipts and other significant documents, as proof.
2. Moving expenses
In addition, if the move is permanent, and ordered by the military, then you’re spared from paying for taxes on qualified moving expense reimbursements. Get your receipts now and start claiming things.
You can claim expenses regarding travel and lodging for you and your family, and moving household goods. Also, the costs for shipping your cars and your pets are deducted as well.
You can claim expenses regarding travel and lodging for you and your family, moving household goods. Also, the costs for shipping your cars and your pets are deducted as well.
