It is possible to get more return on your taxes if you know about all the deductions that you will be eligible for. Read on to learn about a few deductions that you may not be aware of.
If you have been wondering how to get more return on your taxes then you should know that there are quite a lot of deductions that most people do not know about and they do not take advantage of. Taxes are necessary evil and cannot really be avoided. However, most people would not really enjoy giving away their hard earned money to the government in the form of taxes. Fortunately, there are various ways in which you can get more returns if you discover a few ways in which you can get free money with your tax refund. There are several deductions and credits that you could be qualified for and when you add it all up it can be a substantial amount. Given below are the few main deductions and credits that are mostly overlooked.
Education: How to get more return on your taxes? If you are student, part time or full time, you could qualify for a special credit for helping you cover your cost of tuition, books and other related expenses. Also, if you are studying a particular subject that may be pertinent to your career you will also be able to deduct your study expenses.
Sales tax: Another great deduction is sales tax. You will be able to deduct the expense of the sales tax of your state, especially on the big ticket items like a major electronic item or a new car that you may have purchased.
Energy Saving Improvements: If you are wondering how to get more return on your taxes then you can get energy saving improvements like solar panels at home. The government has been encouraging the citizens to go green and offers tax credits for several such home improvement items and projects that will help reduce the carbon footprint of the families like solar panel installation.
Charitable Donations: Almost everyone remembers to write off the cash donations but they do not really know that even the items and goods that they donate can be deducted. Items like used electronics, books, canned food and clothing that has been donated can be deducted if it is worth more than $500.
These were some of the main deductions that you can consider. If you have recently sold your home you can even deduct the property tax for a part of the year that you lived in your home, closing fees, fees for real estate agents and other related expenses. You can even deduct your business related travel expenses like shipping items, cleaning of business suits, lodging, transportation etc. You will have to maintain detailed records of all your receipts since they would come handy if there is an audit. If you learn how to get more return on your taxes, you will be able to save a considerable amount of money.
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