What are some common tax deductions i may be able to claim on my taxes this year?
You may find that claiming the standard deduction is more beneficial. common deductions made on Schedule A include: Medical expenses above 7.5 percent of your adjusted gross income. This includes health insurance, amounts paid for medical and dental services, medicines, eyeglasses and lenses, hearing aids, and certain mileage to and from medical services. Taxes, including property taxes, state income or sales taxes (one of the other but not both) Interest on home mortgages, points on refinancing, interest on home equity loans, margin interest if the investment is not bought with borrowed money. Charitable contributions made in cash and in kind. Casualty losses in excess of $100 per loss. Deductions that exceed 2 percent of your adjusted gross income: Union dues, work uniforms, tools required for your job, moving expenses, employee business expenses that are not reimbursed.
