It’s that time of year again – birds are chirping, flowers are blooming, the weather is heating up – it must be tax season! While no one enjoys filling out paperwork and fumbling through tax-time rigmarole, your April experience can be a lot brighter if you make sure not to miss some of the most frequently forgotten tax deductions!
- Charitable Gifts: Sure, you know it’s a deduction when you donate a couch or money to a charity, but did you know that money you spend on a charitable event or activity can also be counted? For instance, if you made brownies for a charity’s bake sale, you can deduct the amount you spent on baking supplies!
- Job Hunting: Losing your job can be stressful and frustrating, and the IRS understands that. To help, costs incurred during the job search can be written off, such as millage to interviews, fees from placement agencies or supplies for preparing and sending resumes.
- Gambling Losses: Didn't fare so well during your gambling vacations last year? It may not be all bad; tax payers who weren’t supported by Lady Luck can deduct losses if they itemize their deductions. Of course, losses can’t surpass winnings, which must be reported as taxable income. So, if you have $2,000 in winnings and $4,000 in losses, your deduction limit is $2,000.
Like this article? Read this other #Tax Article: “Tax Season Blues: Know How to Avoid Tax Fraud “