Commonly Overlooked Tax Deductions [Infographic]

Federal Tax Deductions: From the Common to the Uncommon

 

You probably know that the IRS (Internal Revenue Service) provides a variety of tax breaks for U.S. taxpayers. But are you taking advantage of all the tax deductions that are available to you?

There are a number of commonly used tax breaks, such as deductions for home mortgage interest and qualifying medical expenses. But there are also a variety of tax deductions that are often overlooked – mostly because people don’t know they exist.

The infographic below outlines a dozen federal tax deductions, from the common to the uncommon. Ask your tax professional if you qualify for any of these tax breaks!

 

For more information, see the links below:

Common Tax Deductions

• Income taxes paid
• Home mortgage interest
• Charitable donations
• Medical and dental expenses

Commonly Overlooked Tax Deductions

• Job hunting costs
• Moving expenses to take your first job
• Travel expenses
• Energy saving home improvements

Uncommon Tax Deductions

• Costs of moving your pet
• Costs of quitting smoking
• Costs of a swimming pool
• Other costs of doing business

 

SEE ALSO:

Tax Breaks for Parents

5 Tax Deductions for Businesses

 

 

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