{"id":664,"date":"2018-05-01T21:02:43","date_gmt":"2018-05-01T21:02:43","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=574"},"modified":"2023-08-30T13:49:08","modified_gmt":"2023-08-30T13:49:08","slug":"the-top-7-most-overlooked-tax-deductions","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/tax-debt-relief\/the-top-7-most-overlooked-tax-deductions","title":{"rendered":"The Top 7 Most Overlooked Tax Deductions"},"content":{"rendered":"\n

If you don’t hire a tax professional<\/a> to assist you with your taxes each year, there’s a good chance that you’re seriously missing out on deductions you could be claiming.<\/p>\n\n\n\n

Are you wondering what kinds of deductions there are that you might’ve forgotten to include when filing your taxes?<\/p>\n\n\n\n

We’ve got the answer for you.<\/p>\n\n\n\n

Here, we have all of the details on the top 7 most overlooked tax deductions, so you can make the most out of your tax return next season and don’t have to keep missing out.<\/p>\n\n\n\n

1. State Sales Taxes<\/h2>\n\n\n\n

Did you know that not all 50 states impose income taxes on their residents?<\/p>\n\n\n\n

If you live in a state without income taxes, you can choose to either deduct any state sales taxes you pay, or deduct state income taxes.<\/p>\n\n\n\n

Obviously, if you don’t pay income taxes, deducting state sales taxes is the most cost-efficient option.<\/p>\n\n\n\n

To make life easier, the IRS has tax tables<\/a> that will show you how much you’re able to deduct in each state. Tables are based on both your income and state\/local sales tax rates which will vary depending on where you live.<\/p>\n\n\n\n

Have you recently purchased a boat, airplane, or vehicle? You can include those, too!<\/p>\n\n\n\n

2. Any Charitable Contributions You Made Out-Of-Pocket<\/h2>\n\n\n\n

Chances are – if you’ve given to charity throughout the year – you’re probably already including each of your contributions in your deductions. Those types of gifts are kind of hard to forget about, aren’t they?<\/p>\n\n\n\n

What you may not remember to include, though, are any costs you incur out-of-pocket while doing work for charity.<\/p>\n\n\n\n

Let’s say you bake chocolate chip cookies for a charitable fundraiser.<\/p>\n\n\n\n

These count as a charitable contribution! Don’t forget to hold on to any receipts you accumulate as a result of buying ingredients so that you can deduct each of these contributions.<\/p>\n\n\n\n

If these types of contributions are a regular occurrence and you contribute more than $250 during the year, you’ll need the receiving charity to provide proof of your support.<\/p>\n\n\n

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\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

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