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Don't Miss Commonly Forgotten Tax Deductions That Can Save You Money

Nearly all citizens of the United States have to pay income taxes because this is a federal law. Each year, hundreds of millions of us file our taxes with the Internal Revenue Service and out of that huge number, a great many of us end up forgetting about great deductions that we could take advantage of to lower the amount of taxes we have to pay in. Forgetting these deductible expenses means that we are accidentally lowering the amount of our refund checks and direct deposits. The standard deduction does not need to be the only deduction you take because almost all of us have additional chances to lower what we are required to pay in. For instance, many of us have to pay premiums for health insurance policies and this expense can be tax deductible. If you have spent greater than 7.5% of your AGI (Adjusted Gross Income) in medical expenses, including the cost of your premium, then you will be eligible to deduct that cost of health insurance. However, those who are self employed and must pay for their own health care do not need to worry about itemizing and can deduct this cost directly since they are reliant on themselves when it comes to covering their own medical expenses.

For those pursuing a degree from an accredited institution of higher learning, there are ways of using the cost of that education to their benefit. So long as your income does not exceed $65,000 for those filing singly or $130,000 for those who are married and filing a joint return, you will be able to deduct as much as $4,000 in educational expenses that you have personally paid in towards your degree. On the other hand, those who are educators themselves often forget that they are eligible for deductions that can make their budgets easier to balance. Those who teach kindergarten through 12th grade, principles, teacher's aides and other qualified instructors are able to deduct expenses they have paid for books, additional supplies or even computer equipment to help educate students.

These are only a few of the potential ways to reduce the costs of taxes this year, but as you can see there are many more ways to pay less in taxes than you might have thought originally. By using these deductions to your advantage and educating yourself about how to get as many as you are eligible for, you will pay far less in taxes and get a refund check you can really appreciate.