Friday, November 14, 2014

Tax Breaks That You Might Overlook



When preparing taxes for 2014, consider some of the tax deductions that most taxpayers forget to take. A single tax break may not save you a substantial amount, but if you claim several small deductions, you can collectively save much more in taxes. Here are some of the tax breaks that you may want to deduct for 2014 to lower your tax bill.

Expenses Incurred While Doing Charity Work


While most taxpayers claim monetary charitable deductions on their returns, those who undertake charitable work often miss claiming expenses. If you contribute your time to a charity, you can deduct the cost of uniform, resources, and any expenses that you incur while doing the work. If you use your vehicle for a charitable purpose, you can deduct the travel expenses at $0.14 per mile.
Expenses for Job-Hunting

If you are already working but are looking for new employment, you can deduct the expenses you incur while job-hunting. You can also deduct the cost of transportation, phone calls made to employers, expenses on preparation of your resume, or the cost of hiring a placement agency. Make sure that the expenses are more than 2 percent of your AGI. You cannot claim these deductions if they are below this limit.

Costs of Summer Day Camps


If you have children and you qualify, you can claim the child and dependent care credit. In addition to this credit, you can also claim expenses incurred sending your son or daughter to a summer day camp. This tax deduction is only valid if you chose a day camp. You can also deduct expenses for any summer camp gear you bought for the camp. Remember, only expenses corresponding to the time spent in the camp are deductible.




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