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4 Common Overlooked Tax Deductions


You'll need to be aware of the most commonly overlooked tax deductions if you want to save the most money when you file your individual or small business taxes this year. Tax deductions are key to saving money on your taxes, but many tax filing programs and services will not readily make these opportunities available.

1. Charitable Donations

Charitable donations, whether in the form of cash or as items like clothing, food, vehicles, and more, are all eligible for tax deduction. Research the value of these various donations for your location so that you can get the most deduction value out of each.

2. Education Deductions

The cost of most higher education programs, including not only tuition but also things like textbooks, room and board, is largely tax deductible throughout the country.

3. New Vehicle Purchases

Some types of vehicle purchases may be tax deductible in your area. For instance, if you're buying a car for business purposes and it's of a certain weight or size, it may classify as a "truck" and be tax deductible. Energy efficient cars are also sometimes tax deductible. The exact circumstances vary according to your location.

4. Real Estate Deductions

Real estate purchases or sales can oftentimes be included in different ways on tax forms. In some of these cases, you may be eligible to receive benefits akin to those that you'd receive when you file for a tax deduction.

In order to ensure that you make the most money off of your tax deductions, familiarize yourself with the local and state laws for your area.

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