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canada goose 9 tax deductions you might be overlooking Tiffany Aliche, U.S. News & World Report Apr. 18, 2016, 5:18 PM Shutterstock Taking advantage of tax write-offs is an easy way to reduce your tax burden. The good news is you don’t have to be an expert in tax code to benefit from deductions. Here are a few tax deductions you may be missing out on: 1/ Teacher’s education expense As a former preschool teacher, I can attest to how common it is for teachers to pay out of pocket for classroom supplies. Thankfully, teachers, instructors, principals and teacher’s aides who work at least 900 hours in an elementary or secondary school during the year can deduct up to $250 of unreimbursed school expenses. Books, supplies and computer equipment are just a few examples of items you can deduct, so collect your receipts and get your tax break. 2/ Flickr / John Benson Moving expenses If you relocated to change jobs or for business reasons last year kabbalah-arizal.nl , you can write off the cost of the move. In order to take this deduction, your new workplace has to be at least 50 miles farther than your old home was to your old job. You must also work at your new job full-time for at least 39 weeks during the first 12 months after moving. 3/ Club or membership dues You may be able to deduct membership dues for professional clubs or your local chamber of commerce if being a member helps you do business. Country clubs and other clubs meant for entertainment don’t qualify. One important thing to note: Membership dues along with the remaining deductions on this list fall into the miscellaneous expenses category. You can deduct the amount of miscellaneous expense that’s over 2% of your adjusted gross income or AGI. For example, if your AGI is $60,000, whatever you spend over $1,200 in miscellaneous expenses will be tax deductible. Double check your bank statements and hunt for receipts to see if you can add up enough expenses to take advantage of the deduction. 4/ UC San Diego/Facebook Student loan interest You can write off student loan interest you paid for yourself or a dependent. Just like with most deductions, there’s fine print. The maximum student loan interest you can deduct is $2,500. Your modified adjusted gross income or MAGI must also be below $80,000 to take full advantage of this deduction (or $160,000 if married filing jointly). The student loan interest deduction is one that phases out. This means the tax deduction gradually decreases the closer your MAGI gets to $80,000. 5/ Work-related educational expenses This write off covers education to keep your work skills fresh. Some example expenses include tuition, supplies and lab fees. This deduction isn’t meant for coursework or education that qualifies you for a new occupation entirely. It’s specifically meant to keep your skills up-to-date in your current occupation. 6/ WOCinTech Chat/flickr The cost of job hunting Hiring someone to spruce up your resume or paying a job placement agency to help you land a position are two examples of expenses you can write off for job hunting. In some instances, travel costs to and from interviews are tax deductible as well. Keep in mind, similar to the work-related expense deduction, job search expenses are only deductible if you look for a new job in the same line of work that you’re currently in. You can’t deduct job search expenses when you search for a new job in a different field. 7/ Business entertainment expenses Unreimbursed business entertainment costs are tax deductible. Make sure if you take this deduction you keep a record of it. You’ll need the date, time and place of the expense, plus your relationship with the person you entertained in case you’re audited. 8/ Reuters/Rick Wilking Office supplies and business expenses If you have a side hustle Canada Goose parka , you can deduct advertising, equipment and other tools. Although, keep in mind your side hustle has to actually make money and not be a glorified hobby to qualify for these deductions. Employees may also be able to write off services like their cellphone plan if it’s not reimbursed by an employer, but is necessary to do their job. Again, make sure you keep records of everything you write off for back up. Reading through tax rules can feel like reading a different language, but that doesn’t mean you have to miss out on deductions. Seek advice if you have questions about your tax return. You can always write off the cost of an advisor next year. 9/ Tax prep services If you paid for a tax preparer or online tax software last year you can deduct the cost this year. Again, you’ll only see the benefit of this deduction if your total miscellaneous expense is over 2% of your AGI. Read the original article on U.S. News & World Report. Copyright 2016. Follow U.S. News & World Report on Twitter. Previous 1/ Next Read the original article on U.S. News & World Report. Copyright 2018. Follow U.S. News & World Report on Twitter. SEE ALSO: TurboTax vs H&R Block: How 2 of the most popular tax-filing programs stack up canada goose parka
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Barry Herrlinger is a registered advisor offering investment advice through Signature Investments, Inc., an SEC Registered Investment Advisor, 6500 Poe Avenue, Suite 110, Dayton, OH 45414. 937.890.1988. Atlas Financial Alliance, LLC is unaffiliated with Signature Investments, Inc.
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