It’s probably safe to assume a majority of Americans dread Tax Day, year after year after year. Even if you’re scrambling to file your taxes before the deadline, make an effort to be as thorough as possible. You don’t have to be a homeowner to qualify for a host of nice deductions related to the way you use or furnish your home.
To adopt a mindset that can help you recall and record all of your deductible expenses this year, examine these commonly overlooked tax deductions.
Moving Expenses
If you moved to a new apartment for a job, you can deduct the costs of getting yourself and your household items to your new apartment if it’s at least 50 miles away from your last home. If you drove your own car to make that move, you can also deduct /bin/sh.23 per mile and any parking or toll fees you paid along the way.
Home Office Expenses
If you use part of your apartment exclusively for work, you can deduct a portion of your work-from-home expenses which can be determined by how much of your apartment your home office space takes up.If you’re unsure, talk with your accountant or tax professional. In addition to deducting some of your rent, you can write off the same percentage of your utilities and renters insurance. Earning home office deductions is fairly easy for renters of designated live-work apartment spaces. Furnishings purchased exclusively for your office and many work-related supplies can also be written off.
Medical Expenses
Self-employed apartment dwellers can deduct 100 percent of their health insurance premiums from their gross income. Some who are employed may also be able to deduct part of their insurance premiums. Transportation expenses for trips to doctors’ offices and medical facilities; eyeglasses and contact lenses; and equipment for mobility impaired persons can all be written off as well.
Education and Educator Expenses
If you completed any courses or trainings to maintain or improve job skills in 2015, you can write these off. Other items that fall into this category include books purchased to enrich one’s work-related knowledge, job-related professional journals and newspapers, and expenses for job-seeking in your current field.
While on the topic of education, we’d like to remind teachers and administrators at K-12 schools that you can deduct up to 50 worth of back-to-school supplies purchased with your personal funds.
Financial Planning and Management Expenses
Another tax write-off not to miss is money spent managing your finances. If you work with a financial advisor, prepare a living will or trust with a lawyer, or subscribe to an investment newsletter, you can deduct the costs of these services and subscriptions from your tax burden. This is a great incentive to start planning your financial future if you haven’t already.
It’s much nicer to find out how much you owe or will be refunded when you make all deductions you qualify for than it is when you miss a few of them. As you’re preparing your taxes or compiling a list of potential deductions for your accountant, use this post as a checklist to help maximize your tax return deductions.
What’s one tax deduction you’ve forgotten or almost forgotten to write off? Share in the comments.
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View All Posts by Jason Ernst