As tax season approaches, many individuals are on the lookout for opportunities to maximize their deductions and minimize their tax liabilities. While professional online tax prep software and top tax preparation companies can help streamline the process, it’s crucial not to overlook potential deductions that could lead to substantial savings. Whether you’re exploring “tax experts near me” or considering “personal tax services near me,” understanding the often overlooked deductions can make a significant difference. In this listicle, we uncover six of the most commonly missed tax deductions, ensuring you make the most of your tax return.

1. Job Search expenses

If you’ve been on the hunt for a new job within your current industry, certain expenses related to the job search process may be tax-deductible. Costs such as resume preparation, job placement agency fees, and travel expenses for interviews can qualify. Keep track of these expenditures and consult with tax experts near you to ensure you’re claiming all eligible deductions.

2. Educator expenses

Teachers and educators often spend their own money on classroom supplies, and fortunately, these expenses can be deducted. Eligible costs include books, supplies, computer equipment, and other materials used for educational purposes. Be sure to take advantage of this deduction if you’re an educator looking to offset some of your out-of-pocket expenses.

3. Home office deduction

If you use a portion of your home exclusively for business purposes, you may qualify for the home office deduction. This applies to both homeowners and renters. Deductible expenses include a percentage of your rent or mortgage interest, property taxes, utilities, and home maintenance costs. With the rise of remote work, this deduction has become increasingly relevant for many taxpayers.

4. Medical expenses

While medical expenses are generally deductible, many people overlook some eligible costs. These may include travel expenses for medical treatments, certain home modifications for medical reasons, and even some non-prescription items like prescribed over-the-counter medications. Keep detailed records and consult with personal tax services near you to ensure you’re claiming all applicable medical deductions.

5. Energy-efficient home improvements

Making energy-efficient improvements to your home not only helps the environment but can also lead to tax savings. Energy-efficient upgrades such as solar panels, energy-efficient windows, and qualifying heating and cooling systems may be eligible for tax credits. Explore the available credits and consult with tax experts to determine which improvements qualify and how to claim the associated deductions.

6. Charitable contributions

While many taxpayers are aware of the deduction for monetary contributions to charities, they often overlook deducting expenses related to volunteering. If you’re driving to and from a volunteer activity or purchasing materials for a charitable cause, these costs may be deductible. Keep detailed records of your volunteer-related expenses to ensure you’re maximizing your deductions.

Additional Tips:

• When utilizing professional online tax prep software, make sure to explore all available categories and prompts to identify potential deductions.
• If you’re considering “do my taxes online,” ensure that the online platform you choose is reputable and includes features that guide you through potential deductions.
• Seek guidance from top tax preparation companies or tax experts near you to get personalized advice on maximizing your deductions based on your unique financial situation.