What are some of the commonly overlooked tax deductions that individuals often miss out on?

Commonly Overlooked Tax Deductions for Individuals

When it comes to filing your taxes, there are several deductions that individuals often overlook, resulting in missed opportunities to save money. Some of the commonly overlooked tax deductions include:

• Charitable Donations: Many people forget to deduct donations made to eligible charitable organizations. Make sure to keep track of all your charitable contributions throughout the year.
• Educator Expenses: Teachers and educators can deduct up to a certain amount for expenses related to classroom supplies, professional development, and other work-related costs.
• Home Office Expenses: If you work from home, you may be eligible to deduct a portion of your home expenses, such as rent, utilities, and internet costs.
• Unreimbursed Business Expenses: If you incur expenses for work that are not reimbursed by your employer, you may be able to deduct them on your taxes.
• Medical Expenses: Many individuals underestimate the medical expenses deduction. You may be able to deduct medical expenses that exceed a certain percentage of your adjusted gross income.
• Moving Expenses: If you moved for a job-related reason, you may be able to deduct certain moving expenses, such as transportation costs and storage fees.

It is important to carefully review all possible deductions and consult with a tax professional to ensure you are maximizing your tax savings.