With tax season soon approaching, many people are wondering what they can do to save money on their taxes. Since many people choose to file their taxes on their own, it is important that you understand what deductions you can take to save money. Here are some deductions that you may not have known you can take, and doing so it will help you to reduce the amount you owe in taxes.

1. Moving Expenses

If you have relocated for work you can write off the moving expenses. For example, if your job has moved you cross-country and you had to hire a moving company or rent a moving truck, pay for a hotel, and buy moving supplies and gas for traveling, you can write it off.

Make sure that you keep all the receipts from your move. When you write it off, you will need to be able to prove every dollar that you claimed. Otherwise, you could get in trouble if you write something off and are not able to prove it.

2. Medical Expenses

Medical bills can be expensive for many families. Luckily, all of the money that you paid in medical premiums, medical treatments, tests and even bills to hospitals and doctors can be written off. In addition, if you have an illness that requires you to buy a good deal of medical supplies, you can write those off too. For example, if you have diabetes and you need to buy test strips, insulin, a pump or any other life saving supplies, you can write them off.

3. Higher Education Learning

If you or a child is in college or a higher learning institution, you can write off the amount that you pay in supplies and tuition. It is important that you are the person who is paying for the schooling or you are the one assuming responsibility for any loans that are taken out for education so you can get a tax break. In some cases, you can even get a credit and not just a deduction.

Lastly, if you are paying interest on a student loan, make sure that you write it off. You can deduct the amount that you pay in student loan interest, which will help you to save money on your taxes, even though you are making student loan payments.

By understanding what things you can do to save money on your taxes, you can help yourself come tax season. For more help, contact a company like Jeff Baker & Associates, PS.

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