You may be familiar with common tax deductions, such as mortgage interest, charitable donations, real estate taxes and even certain health care costs. However, do not overlook less common deductions that can reduce your tax liability or provide a refund at tax time.
If you use your vehicle in connection with charitable giving, you may deduct 14 cents per mile for qualified travel.
In addition to the cost of co-payments for doctor visits and prescription medication, you may deduct expenses for addiction treatment programs and the cost of chiropractic and physical therapy.
If you live in a state with no income tax, take the sales tax deduction. Deduct the tax you paid on cars, boats and airplanes in addition to the rate established by the IRS for your state and personal income level.
Student Loan Interest
If you are not a dependent of your parents, and your parents made student loan payments attributed to your education, you may deduct up to $2500 in student loan interest.
Home Refinance Points
You may deduct the points you paid to refinance your mortgage. Take the deduction over of the life of the loan rather than all in one tax year.
M.J. Kelly began writing professionally in 2007. Her background includes real estate sales, taxation, college admissions and financial planning. Focused on business, careers and real estate, she has written content that has appeared on numerous lifestyle-related websites. A graduate of Boston University, Kelly has earned a Bachelor of Arts in English language and literature.