Missed Tax Write Off's

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Here are some tax write offs that are most commonly missed during tax season. Now of course it is to late now to use them, but everyone can make note of them and maybe use them when the proper time rolls around yet again.


#1 Charities are one of the most commonly missed tax deductions there are nationwide. If you love to donate to charities and don't have the cash you can charge it, but keep in mind that if you do this you won't get the deduction when the bill is due but only during tax season. Also make sure that you recieve a receipt from the charity as well.

Also keep in mind that when you clean out your closets, kitchen cabinets and what not and donate those items to a charity like the Salvation Army or GoodWill, these items are also deductable just make sure that you get a written receipt and make sure that what you donate is in great to perfect condition. It's also a good idea to clearly document the items that you donate just in case of an audit.


#2 Premiums for Health Insurance are another commonly missed deduction for taxes. The insurance health premiums that you pay are "potentially" deductible. Depending on age and the fact that these need to be added to your medical expense pot and must exceed 7.5% of adjusted gross income before they are tax deductible.
Also if your self employeed and aren't covered by an employer program you can deduct 100% of your premiums for health insurance though the same restrictions as mentioned before apply.


#3 Now if your an educator (teaching grades K- 12) you most likely qualify for educator expenses. You may gain at most $250 for materials purchased such as supplies, books and computer equipment.



#4 Home energy Savings Improvement Credit. These credits mean a dollar for dollar deduction in taxes so they are very good. For things like pigmented roofs, outside doors, skylights, central air conditioning,high efficiency furnaces, water heaters and windows are a 30% credits. Though this is capped at $1,500 which will mean that same amount off the cost of the improvements made.

These are not all of the deduction that are commonly missed so make sure that when tax times comes around again to look into these and make sure your getting all of the deductions that you should be.

If your not sure seek the help or advice of a professional to ensure that your getting every penny back that you should be.