Tax Deductions You Should Know About

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Every dollar matters when you’re a single parent. When  your expenses stay the same, it may seem like taxes just eat away a chunk of your money you could’ve used elsewhere. However, you may not know about some important tax deductions that allow you to keep a good amount of your income:

Sales Taxes

You have the option of deducting either state taxes or sales taxes from your federal taxes each year. If your state doesn’t have income tax, this may be a big help to you, especially if you’ve purchased something large like a car that year.

Tax Savings For Teachers

If you’re a teacher, you’d might want to take note. Often times, teachers have to buy supplies for the classroom out of pocket. However, teachers can deduct up to $250 for classroom supplies on their federal taxes.

Paying the Babysitter

If you go out and perform some sort of charitable work, there may be a tax deduction for you. If you have to leave your kids at home with a babysitter, you may be able to list your payment to him/her as a “charitable contribution,” which can go back to you at the end of the year,

Additional Charitable Gifts

Most people know to take note of how much they donate to a charitable cause, as it is tax deductible. However, the expenses incurred in the process of performing that charitable act are also tax deductible. For example, the cost of the supplies used to produce something for a charity group are eligible.

Job-Hunting Costs

If you are in-between jobs and looking for a new job in the same field, this one’s for you. The costs associated with looking for a new job, such as resume-preparation and any services with an employment agency, are tax deductible.
There are many ways that you can find tax breaks to keep some extra money for your expenses. A good amount of tax deductions recognize the financial needs of certain groups of people and act to ease some of their stress. Consider looking into these options and you may be able to reap the benefits.

By: Tim Milles

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