Common Tax Deductions You May Be Overlooking

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Tax season can be a lot of work, and it is easy to miss some key deductions that allow you to optimize your tax refund. Here are some of the most overlooked deductions that you might benefit from:

  1. Charitable Donations

If you have made charitable donations throughout the year, you must ensure you take the proper tax deductions. Donations to qualified organizations, such as those registered with the IRS, can be deducted from your taxes. If you’ve made a series of small donations, keep a list of all your contributions with the corresponding dates and organizations to ensure you obtain all tax deductions to which you are entitled.

  1. Selling your Home

If you have sold a home in the past year, your real estate commissions and costs may be deductible. Additionally, you can deduct capital gains taxes on the profits from the sale. You may be able to deduct at least part of your expenses paid for attorneys or title companies involved in the sale, even though you cannot deduct all of them.

  1. Moving expenses

You could deduct additional funds if you had to move for work-related reasons. Though military service members no longer qualify for moving deductions, if you had to relocate for other reasons associated with your job, you may be able to take advantage of this tax break.

Meet with Matthew P Schlanger, CPA, https://cpaschlanger.com, for additional ways to manage your finances and minimize your tax payment.

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