Tax time is upon us once again, and none of us wants to pay more than we have to. That is why we are going to take a look at some of the tax deductions that you may have forgotten about.
Bear in mind that tax deduction for mortgage interest and charitable contributions are only available to those that itemize, but with the costs of mortgages, most people will have paid enough to itemize. However, even if your home is paid for or you have a cheap mortgage, there is a standard deduction that you will be able to take. Even if you do not itemize, there are a number of deductions that you can take.
If you have student loans, they allow you to deduct up to $2,500 in interest, and this applies to both government and private student loans. However, there are income limits to this deduction. Also, if you moved to a new job and it was over fifty miles farther from your home than the old job was, you can also deduct most of your moving expenses. Also, if you have gone through a divorce in the past and had to pay alimony, alimony is deductible in the year that it is paid. Talk with your tax advisor about these and other deductions that are available even if you do not itemize.