Have you done your taxes yet? Did you get a refund? I'm doing mine on Wednesday and really hoping for some money back!
This deduction reminder might help you out!
Americans miss out on money in their tax refunds every year because of overlooked deductions.
Jackson-Hewitt Tax Officer Mark Seber says the IRS is lacking a safety net for these missed opportunities and one out of every five tax filers loses money on their refunds because they don't know all of the deductions they're qualified for. The most commonly missed deductions are those that have to do with life changes.
- Starting a new small business and you don't think has generated enough income
- Taking care of older relatives or family members that moved in
- Education credits that are claimed when someone goes back to school
- Job hunting and moving expenses. Theyinclude transportation expenses, food and lodging, employment agency fees, and the costs of printing resumes.
- Charity donations, or money they spend while doing charitable work. That can include buying ingredients for cooking at a nonprofit event, or deducting 14 cents a mile if you're driving for a charity event.
If you’re not sure what to deduct or if you have enough, you may want to visit with a tax pro or accountant.