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Don't Let Any Tax Deductions Slip By

Don't Let Any Tax Deductions Slip By

Take your time to do the taxes and you'll keep money in your pocket.

Don't be too hasty in filling out your tax forms. There are a range of deductions that you can make, putting more money in your pocket. There are some tax deductions that are more overlooked than others, but by taking the time to really look at your accounts, you're more likely to remember about them.

Those Charitable Contributions

Too many people forget that the contributions they make to charity are tax write-offs. You'll not forget those large ones, but what about the smaller ones that you make each month? If you're left out of pocket for charity work, such as travelling to and from events or booking halls for activities, you can add them in to your tax deductions. Even the stamps that you buy are counted.

You will need to keep your receipts to claim the deductions. If there is anything over $250, you will also need the charity to provide documentation. When driving for a charity in 2013, you can deduct 14 cents for each mile you did.

The Interest on Your Student Loan

The interest on your student loan or mortgage can be claimed as a tax deduction, as you are legally required to pay it. However, there are cases when your parents are paying the debt. Since they're not legally liable for the debt, they can't claim it back but you can! If you're not a dependent, it is treated as a gift to you for you to repay the debt. Up to $2,500 can be claimed for this type of write-off.

Give yourself the time to get all the paperwork you need.

Costs Incurred While Job Hunting

There are chances that you were looking for a job at some point in 2013. If that is the case, you likely incurred costs. You had to drive to and from interviews and agency fees. However, you cannot claim for that first job-hunt; only when you want a position in the same type of work you currently do. The costs can be deducted through your tax even if you didn't end up getting the job.

While you can't deduct the costs while searching for your first job, you can deduct the costs for moving if you had to. There are restrictions for this to happen. The job needs to be at least 50 miles from your initial home. The cost for moving your belongings and yourself can be deducted, and if you drove your own car it means deducting 24 cents for each mile you travelled.

Jury Pay Returned to Your Employer

When you go on jury duty, your employer will usually keep paying your full salary. This is then used by the IRS to determine your tax. However, you have to pay the money back to your employer. Instead of losing out on money, you have to place your repayment for a tax deduction. This is placed on line 36 with your other write-offs and you simple write "jury pay" on the line.

Don't forget there are many tax deductions that you can make. It's tempting to rush your forms, but it will just lead to losing out on money that should be in your pocket. Take your time and make sure you calculate all of the expenses that you can take off your taxable amount.

Alexandria Ingham is a freelance writer with experience in technology, internet marketing and personal finance.

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