Top 10 Most Overlooked Tax Breaks That Can Save You Thousands – Smarter Finance Journal

Top 10 Most Overlooked Tax Breaks That Can Save You Thousands

Yes, its that time of year again where Americans stress out about filing their taxes. And as your probably aware from the H&R Block commercials, there are billions and billions of dollars waiting to be claimed when filing your taxes. But did you know there are multiple tax breaks that can save you thousands of dollars every year? I bet not.

We’ve compiled the top 10 most overlooked tax breaks that you MUST look at when filing your taxes.

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10. Charitable Gift Donations

 

charitable
Next time you donate your gently used belongings to the Goodwill or Salvation Army, be sure to get a receipt. But remember, not all expenses you have when doing the charitable work don’t actually get counted on tax returns. This would include the actual time spent volunteering.

On the other hand, anything purchased (such as supplies) for events you’re volunteering at certainly do count and may be deducted. You can even go as far as deducting any clothes that you purchased for the specific event. Of course, one of the most asked questions is whether or not you can deduct gas. Unfortunately you can’t – you can only deduct 14 cents per mile driven.

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