Ah, tax season! Nothing beats a Saturday in front of your computer curled up with your receipts and bank statements trying to determine if you withheld enough from your paychecks and payments to satisfy your yearly tax bill. The Wheel of Fortune: IRS Edition is a game few have found treasure in.
As you get ready to file, let us remind you that you are the best advocate for your money. Thus, use applicable tax breaks and benefits to you and your business’ full advantage. Among your receipts for those oat milk lattes and spin classes lie valuable tax deductions that can be easily overlooked. Here are four easy items that may qualify for deductions on your taxes:
Job search expenses:
Getting a job isn’t cheap. There’s resume preparation, transportation, networking events, headhunters ––– and that’s before you buy a new suit for the interview. Thankfully some costs of getting a job can be tax deductible. Costs for goods related to preparing your resume or portfolio, fees for headhunters or recruiters or transportation to your interviews are usually good tax deductible expenses. But the suit, or any other clothing that’s not an official uniform, is not deductible.
Education and courses:
Improving your skills is always an investment well spent. It not only makes you intellectually richer, it’s also tax deductible. Keep the receipts for any continuing education courses, workshops, and classes that are related to your work, as many of them are viable tax write offs.
Did you donate to any charities or non-profits last year? Did you donate goods to Goodwill or Salvation Army? These donations can be tax deductible, too. Make sure to have receipts for things like clothes or household goods that show the value of the items donated.
Do you use your car for business purposes? Did you drive to meetings or use it to pick up materials? You can likely deduct mileage and expenses related to your business on your taxes. You can either take a mileage
For the latest tax information, check out IRS.gov.