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4 Tax Write-Offs for Individuals


There are a number of tax write-offs for individuals, also known as deductions, that can help you to save money on your taxes. Whether you are an individual or if you're filing small business taxes, it's crucial that you be aware of these opportunities so that you save the most money on your taxes. Here are four tax write-offs:

1. Charitable Donations

If you make donations to a charitable cause or other related organization, you can typically write these donations off as deductions on your taxes. These donations may be in the form of cash or may be goods; different donations will allow for different amounts of money to be deducted on your taxes.

2. Education Deductions

A tuition for a university or junior college is tax deductible on your tax forms. Likewise, many of the other expenses associated with higher education are oftentimes tax deductible as well, including the cost of textbooks, housing, board and more.

3. Real Estate Deductions

If you've purchased a home or another piece of property in the last year, you may be eligible for a tax deduction based on the value of the real estate. The cost of the property will influence the amount that you'll be able to write off your taxes, so it's important to consult with a real estate agent for help determining the value of the property and how much to write off on your taxes.

4. Vehicle Deductions

A new car can be written off on your taxes in many cases as well. Consult with a dealer for more information in your area.

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