Tax Deductions!

Ok, so it's that time year again-time for taxes. Some of you love it but for me- well, lets just say it's a scary feeling. (taxes aren't nearly as fun when you have your own business) :( Anyways, I have been reading everything possible and called my accountant too many times so I figured I'd save you all some time (and hopefully money) and share with you some of the tax deductions I found!

Deductions:

Education: up to $2500 in student loan interest, up to $4,000 in tuition and fees, and you also may qualify for the Hope Credit!

Teachers: You can write off up to $250 for any expenses on your materials that you pay out of pocket.

Energy Credit: Money spent on energy-saving home improvements, for example solar panels

Moving:Did you move more than 50 miles to be closer to your job? You can write it off the moving expense!

Child Care: For children under 13

Dependent care: For those taking care of the elderly

Medical Expenses: Only if it exceeds 7.5% of your adjusted gross income

Mileage: Please note this is not for driving TO work. This expense is when using your vehicle for work, medical, moving, or for charitable reasons.

Donations: Another reason to give to charity! Tithes or money given to church, school, and even clothing, furniture or car donations can all be written off. (To a non-profit organization)

Please know that if you chose to take any of these deductions it is very important to keep your receipts! The IRS now requires receipts for any deductions taken. The IRS has up to 3 years to audit any taxes, so keep them in a file.

That is all I have for now, I will update with anything else I find. Feel free to comment in the section below if you have any other good tips!

Good Luck! :)

 Disclaimer: I am not an accountant most of the knowledge I have in this area is either from many hours of reading or talking to my personal accountant. This reading is for informational purposes only. If you have questions on your personal taxes, please consult a tax professional.