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Are You In-the-Know about Tax Deductions?

If you’re not up to date on tax deductible expenses for 2013, now’s the time to increase your knowledge. Many people lose out on money saving deductions due to ignorance of tax laws. Here are a few overlooked deductions you should be aware of.

  • State taxes can be deducted from your federal income tax if you itemize. If your state doesn’t charge a state income tax, you can deduct expenses for state sales taxes instead.
  • Out of pocket expenses for charitable causes such as the cost of travel, food, tickets for school fundraisers, etc. are tax deductible for taxpayers who itemize.
  • Job hunting expenses to include transportation, food, lodging, agency fees, etc., can be deducted from your taxes if you itemize. First job moving expenses can also be deducted if the job is located 50 miles or more from your home.
  • The cost of buying and installing energy saving equipment to your home such as a new heating/cooling system, geothermal heat pumps or wind turbines can be deducted from your taxes. 

For more money saving tax tips or help in choosing health insurance in California, contact Save-on Health Insurance Services located in Los Angeles, CA.