TAX DEDUCTIBLES

Tax season is here, which can lead many individuals to a nervous breakdown. Let’s try to ease away some of that anxiety with some tax deductions.

Gambling losses

All that fun at the casino, can put you in a bad spot. So claim the amount of gambling income you reported as an “other miscellaneous deduction”

Tuition

Getting a higher education is difficult enough and meanwhile you pay for other expenses during the year. You are able to deduct up to 4,000 that you paid yourself, your spouse or a dependent. If you’re married, but file separately then you don’t qualify for this deduction.

Medical and dental expenses

You are able to deduct the amount of your total medical expenses that exceed 7.5 percent of your adjusted gross income for yourself, spouse, and your dependents.

Volunteer work donations

You are able to deduct gas, purchased pertaining to this volunteer work, uniforms and if you paid for parking during the event. If you don’t want to do all the calculate the value per mile, just deduct gas do the standard rate of 14 cents per mile. Keep documentation from the charity as well.

Noncash Donations

From donating clothes, household items and even cars. You are able to claim the fair market value of the items in which you could have sold it.