Tax time is right around the corner, so I figured I would make your life a little easier and remind you of things to claim on your taxes. I only have 10 broad things listed, but there are TONS of items you can claim. My biggest recommendation would be to really take your time in choosing who does your taxes. From personal experience, an independent tax professional or small company is much better than using a popular tax service. It just seems more personal and that they care about making sure my taxes are done right. Another perk – they are almost always cheaper.
I usually at least try to start gathering everything together around November/December, only because I like to be ahead of the game. I always keep everything filed away throughout the year but it’s nice to look through it all and organize it so I can be fully prepared (a.k.a. get the most money I possibly can back).
NOTE: I am not a tax professional. Please consult a tax professional or the IRS website for more information, questions or concerns.
1. Mortgage Interest
2. Real Estate Taxes
3. Work Expenses
Uniforms (including shoes), supplies, mileage, classes, sunglasses (if you have a job that requires you to work outside)
Check for energy saving credits and ask your tax professional about all of your energy saving appliances (stove/oven, microwave, fridge, dishwasher, TVs, etc.)
5. Medical Bills
This includes the dentist, primary care doctors, specialty doctors, etc. Always keep your doctor bills filed away!
Any non-profit organizations, including tithing at your church – you should receive a statement at the end of the year for this.
7. Personal Loss Due To Theft
8. Previous Tax Year
The cost of getting your taxes done in the previous year can be claimed. Also, you can even claim the distance (mileage) to the tax professional office.
My husband volunteers at two firehouses. He gets a tax credit if he puts a certain amount of hours in volunteering there. He also can claim the amount of miles he drove to and from the firehouse.
10. Home Office
If you work from home, be sure to calculate the percentage of your home that your work uses. This includes the square footage of your home. Take that percentage out of your mortgage, phone bill, electricity, etc.
Please remember that you MUST have all documentation supporting things to claim on your taxes. You can be audited, it does happen to people. Integrity, guys. Well, I hope this list helps you! At the very least, gets you thinking, especially if this is your first year not being claimed by someone else as a dependent.