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10 Popular Tax Deductions You Should Know About

small business CPA

When you file your taxes, don't leave any money on the table. Make sure to take all the tax deductions available to you, including these so many tax filers overlook.

  1. Earned Income Tax Credit (EITC)

 Technically, the EITC is a refundable credit rather than a deduction, but nonetheless, it is designed to supplement the income of low-income and middle-income workers. 


  1. State Taxes Paid the Past Spring

 If you owed state taxes when you filed last year, you can include that amount in your itemized deductions on your state tax return this year. You can also itemize state income taxes you either paid through estimated quarterly payments or had withheld from your paycheck.


  1. Refinancing Points

 If you refinanced a home during the tax year, you could deduct the points you paid on your mortgage. You can only deduct the percentage of those points applicable for the given year based on the term of the loan. 


  1. Jury Pay Given to Employer

 If you performed jury duty but your employer continued to pay you during that time under the condition that you give the employer the pay you receive for performing your jury duty, you can deduct that amount from your taxable income. 


  1. American Opportunity and Lifetime Learning Tax Credits

 Here's a twofer for you: a pair of deductions for students, the former for undergraduates, and the latter for continuing learners. 


  1. Moving Costs Related to Your First Job

 If you have to move to take your first job, you can deduct those moving expenses from your taxable income. 


  1. Student Loan Interest

 You can deduct interest paid on your student loans from your taxable income, whether it was you who personally paid that interest or not.


  1. Charitable Donations

 If you donate to charity or spend money out of pocket for a charity-related activity, event, or purpose, you can deduct that expense from your taxable income. 


  1. Reinvested Dividends

 More a calculation than an actual tax deduction, this is still an oft-overlooked way to pay less in taxes. If you reinvest dividends, you earn from your investments, whether automatically or manually, your capital gains on the sale of those shares (whenever it happens) is less. 


  1. Child Care and Dependent Care Tax Deduction

 Also not exactly a tax deduction but rather a tax credit, this benefit lowers your tax bill dollar-for-dollar for all your child-care and dependent-care expenses. 

 To help you find all the tax deductions you're eligible for this year, contact Charlotte CPA Scott Boyar. Among Charlotte accountants, Scott Boyar is well-known for providing knowledgeable, timely, and effective service helping Charlotte-area individuals, families, and small businesses to meet their tax obligations while taking advantage of all possible available deductions.

Posted by Scott Boyar CPA


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