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  2. 9 Things You Didn't Know Were Tax Deductions - TurboTax Tax ...

    turbotax.intuit.com › tax-tips › fun-facts
    • Sales taxes. You have the option of deducting sales taxes or state income taxes off your federal income tax. In a state that doesn’t have its own income tax, this can be a big money saver.
    • Health insurance premiums. Medical expenses can blow any budget, and the IRS is sympathetic to the cost of insurance premiums—at least in some cases. Deductible medical expenses have to exceed 7.5% of your adjusted gross income (AGI) to be claimed as an itemized deduction for 2020.
    • Tax savings for teacher. It’s the rare teacher who doesn’t have to reach into her own pocket every now and then to purchase items needed for the classroom.
    • Charitable gifts. Most taxpayers know they can deduct money or goods given to charitable organizations—but are you making the most of this benefit? Out-of-pocket expenses for charitable work also qualify.
  3. The 10 Most Overlooked Tax Deductions - TurboTax Tax Tips ...

    turbotax.intuit.com › tax-tips › fun-facts
    • State sales taxes. This write-off makes sense primarily for those who live in states that do not impose an income tax. We’re lookin’ at you, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
    • Reinvested dividends. This isn’t really a tax deduction, but it is a subtraction that can save you a lot of money. And it's one that many taxpayers miss.
    • Out-of-pocket charitable contributions. It’s hard to overlook the big charitable gifts you made during the year by check or payroll deduction. But the little things add up, too, and you can write off out-of-pocket costs you incur while doing good deeds.
    • Student loan interest paid by you or someone else. In the past, if parents or someone else paid back a student loan incurred by a student, no one got a tax break.
  4. 28 Tax Deductions You Didn't Know You Could Write Off

    www.listenmoneymatters.com › tax-deductions

    28 Tax Deductions You Didn’t Know You Could Write Off 1. Standard Tax Deduction If you did the math and didn’t have enough itemized deductions to get you above $6,350 for... 2. Reinvested Dividends Do you have a Betterment account? Do you sometimes get a notice that they have reinvested... 3. Child ...

  5. What Can I Write Off on My Taxes? A Guide to Tax Deductions ...

    www.gobankingrates.com › common-tax-deductions
    • Gabrielle Olya
    • Medical and Dental Expenses. You can deduct medical and dental expenses for yourself, your spouse and your dependents. If you make improvements to your home for medical purposes — such as adding wheelchair ramps or lowering cabinets for better accessibility — you can deduct those renovations as medical expenses.
    • Self-Employed Health Insurance. Self-employed individuals with a net profit can deduct self-employed health and long-term care insurance without having to itemize deductions.
    • Local and State Sales Tax. Taxpayers have the option of deducting state and local general sales taxes or income taxes that they paid during the tax year, but not both.
    • State, Local and Foreign Taxes. You can claim certain taxes as itemized deductions. Apart from state and local sales taxes, you can also deduct: Local and state personal property taxes, if the tax amounts are based on the value of the property.
  6. An Overview of Itemized Deductions

    www.investopedia.com › articles › taxes

    Mar 18, 2021 · Long-term care insurance premiums are tax deductible to the extent the premiums exceed 10% of an individual's adjusted gross income (AGI). There is a deduction limit based on your age, and the ...

  7. Jan 25, 2021 · Personal tax deductions for business owners Charitable contributions. Sole proprietorships, LLCs, and partnerships cannot deduct charitable contributions as a... Child and dependent care expenses. If you pay someone to care for a child or another dependent while you work, you may... Retirement ...

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