With tax season in full swing, maximizing deductions is key to lowering your tax bill. While the standard deduction has increased due to the Tax Cuts and Jobs Act (TCJA), itemizing can still benefit many taxpayers. Here are eight often-overlooked deductions that could save you money:
Charitable Travel – If you travel for a qualified charity, your out-of-pocket costs may be deductible.
Casualty Losses – New disaster relief laws could allow you to claim losses for certain federally declared disasters. You may even be able to amend past returns.
Student Loan Interest – You can deduct up to $2,500 of student loan interest, even if you don’t itemize.
State Sales Tax – If you live in a state with no income tax, you may benefit from deducting state sales tax instead.
Medical Expenses – Medical costs exceeding 7.5% of your income may be deductible, including care for dependents.
Home Improvements – Interest on home equity loans may be deductible if the funds were used for substantial home improvements.
Mortgage Points – If you paid points on a new mortgage, they might be deductible. Points on refinanced loans must be amortized.
Don’t leave money on the table. Verity CPAs can help you claim every deduction available to you. Contact us at info@verity.cpa or 808.546.5026 today!
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