6 Tax Deductions That’ll Keep Money In Your Pocket
You might be overpaying on taxes! Keep money in your wallet by knowing these 6 deductions you can make. 1. Out-of-Pocket Charitable Contributions So you may know this one, but what you don’t know is this extends to more than donations to your local thrift store. This includes ingredients you regularly prepare for your nonprofit soup kitchen, miles you drive in your car for charity, and more. 2. Retirement Plan Contributions Contributions to tax-deferred retirement accounts may be deductible. This does not extend to Roth IRAs as they are funded with post-tax dollars. 3. K-12 Educator Expenses Educators can deduct up to $250 in qualified and unreimbursed educational expenses. That can include professional development courses taken within your field and classroom items. 4. Personal Property & Real Estate Taxes Generally, taxes associated with home ownership are deductible. 5. Gambling Losses You can actually deduct gambling losses with sufficient documentation. This is only to the extent that you offset other gambling winnings. 6. Jury Pay Paid to Your Employer If you turned over jury fees back over to your employer, you need to report those fees as taxable income. So, if you give it to your employers, then you have the right to deduct.