Hidden business expenses6/12/2023 Student loan interest – Even if you didn't pay this yourself, you can take the deduction for it as long as you are the one who is obligated to pay.You might find yourself surprised by how quickly a few charitable expenditures here and there can add up. Keep track of the qualified small expenses too, like ingredients for the yummy cake that you donated to the bake sale. Out-of-pocket charitable contributions – Big donations aren't the only way to get a write-off.This way, when you sell shares, you might reduce your taxable capital gain. When you automatically have dividends from mutual funds reinvested, include that in your cost basis. Reinvested dividends – This one technically isn't a deduction, but it can reduce your overall tax liability.State sales tax – Using the IRS's calculator, you can determine how much of your state and local sales taxes you can deduct.The deductions you qualify for can make a significant difference on your tax refund. Many deductions exist that you may not be aware of, and several of them are pretty commonly overlooked. If you provide more than half your parent’s financial support - even if your parent doesn’t live with you - you can likely file as Head of Household. Many taxpayers who care for elderly parents don't realize they can claim Head of Household status. Or, it can be an elderly parent you supported.
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