Like the old adage says, there’s two things for sure – death and taxes. Yep, it’s that time again so we may as well prepare. Check out the following helpful tidbits. You might just save a few.
What’s in your closet?
So you’ve got a lot of old clothes, wall pictures, books and things that you know you’ll no longer use? Then how about donating them to a worthy cause? Remember to donate only gently-used items. Then, make a list of what you donate, or better yet, get a receipt from the agency that you’ve donated to. Lastly, the standard rule is to estimate the value of any charitable item at 20 percent of the initial cost.
Bills, Bills, Bills
You can use your medical bills as a deductible if they exceed 7.5 percent of your adjusted gross income. Compare your medical expenses against your salary and you might have a write-off.
This and That
Don’t forget about miscellaneous deductions such as union dues, legal and professional fees, unreimbursed business mileage expenses, equipment, education, and supplies. Collect these receipts and if they exceed more than 2 percent of your adjusted income, this is a deductible.
Elementary and secondary teachers are able to declare a $250 deductible for classroom supplies to cover any out-of-pocket costs during the previous year.