9 Things You Didn’t Know Were Tax Deductions

Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn’t overlook. Don’t worry about knowing tax rules, with TurboTax Live, you […]

Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn’t overlook.

Don’t worry about knowing tax rules, with TurboTax Live, you can connect with a real CPA or EA online from the comfort of your own home for unlimited tax advice and a line-by-line review, backed by a 100% accurate expert approved guarantee.

1. Sales Taxes

You have the option of deducting sales taxes or state income taxes off your federal income tax. In a state that doesn’t have its own income tax, this can be a big money saver. Even if you paid state taxes, the sales tax break might be a better deal if you made a big purchase like an engagement ring or a car. You have to itemize to take the deduction rather than take the standard deduction. TurboTax helps to determine whether itemizing or taking the standard deduction is best for you based on your entries and, if you itemize, whether you should take the sales tax deduction or deduct state income taxes.

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