Happy March!
While the deadline for filing your 2015 tax return isn't until Monday, April 18, let's all agree to get those taxes done this month.
As you begin the process, here are 25 tax deductions you might not be aware of -- but should know about!
- Health insurance premiums (100% deductible for the self-employed!)
- Transportation expenses to/from medical appointments and procedures
- Nursing home expenses
- Crutches, orthopedics, hearing aids, glasses and other medical supplies
- Nurses' fees (for the elderly, in-home nurse visits, etc)
- Weight-loss programs prescribed by a doctor or medical professional
- Education expenses to improve work skills (like that MBA program you just enrolled in)
- Professional publications or memberships
- Uniforms for work
- Union dues
- Home office expenses
- Expenses for your job search
- Cell phone bills (if you use your personal phone for work)
- Moving expenses
- Charitable donations
- Meals, gas and other costs associated with volunteer work
- Student loan interest
- Penalties for early withdrawal from a savings account
- Fees for the care of a spouse or dependent
- Child care
- Clean fuel credit for a hybrid vehicle
- Some energy efficient upgrades to your home
- Investment-related expenses
- Refinancing points/expenses for a mortgage
- Fees involved with filing your taxes (so if you hire a tax professional, deduct it!)
For a full breakdown of deductions, head over to Irs.gov.
Happy tax season!
Sources: 1. Irs.gov, Credits & Deductions | 2. Kiplinger, The Most Overlooked Tax Deductions.
Photo credit: eFile989, Chaos from Filing Taxes.