Tax Tip: Deductions You May Not Know About
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robynmac/iStock/Thinkstock(NEW YORK) — With so many tax deductions available, it’s easy to miss a few when filing your return.
New York-based tax accountant Janice Hayman says one of the most frequently overlooked deductions involves “people forgetting to report state taxes that they’ve paid.” Hayman says those taxes are deductible on your federal return.
“Also, we have different property taxes,” Hayman adds. “They may not think of tax paid on land outside of their main home.”
Most people know that donations to a registered charity can be claimed as tax write-offs, but it’s important to document what’s been spent.
“You really do want to go through your receipts. Add up all your actual charitable donations. I think people are really missing out on a full deduction here because they’re just guess-timating,” Hayman says.
Long-term health insurance is also deductible.
“It would be considered a deduction for medical expense but also if you’re self-employed, it would be considered a self-employed health deduction,” Hayman says.
Some states also offer tax credits for long-term health insurance payments.
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