Commonly Overlooked Tax Deductions [Infographic]Published:
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
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
5 Tax Deductions for Businesses