Some tax write offs are unknown to many people. Here are five tax write offs that I have used and I’m sharing them in hopes that you might be able to use them too.
1. Clothes donations.
For as long as I can remember, I have donated a lot of my clothes. My mother got me into doing this at a very young age whenever I had clothes that didn’t fit or that I didn’t want anymore. Many times we would, and still do, get postcards in the mail asking for donations. All we had to do was leave our donations at the end of our driveway and a truck would come pick up the donations. On the postcard simply just fill out what the donation was and how much it was worth.
Another way I’ve donated clothes is bringing them directly to a thrift store. Goodwill has a convenient drop-off area on the outside of their stores where you can request a receipt that can be used for your tax write off. Recently Goodwill Express locations have opened up in a lot of different areas. These are for dropping donations off only and just like at the thrift store you get a receipt so you can write off the donations come tax time.
2. School loan interest.
When I was doing joint taxes with my ex husband we were always able to get back some of the interest he paid for the previous year of his schooling. As long as you are paying off your school loan you can claim part of the interest you are paying. This was great for us since we could then in turn take the money we got back through our refund and apply it to his overall school loan. We found this tax write off when we were filing out tax refund through TurboTax.
If you are using a tax refund program it’s easy to search for different write offs that might be available to you. If you are having someone else do your taxes don’t be afraid to ask about possible write offs. You’ll never know if you don’t ask.
3. Medical visits and medication.
Again through TurboTax we found another write off this time dealing with doctor visit’s and medication costs. Sometimes you can actually get back the money you paid for medications or various medical expenses. Make sure you keep all of your receipts from doctor visits and from buying medication so you know exactly how much you spent throughout the year. I can’t guarantee that you will or can get money back for this but it’s worth it to keep track of how much you spent so you can possibly see if you can get money back.
4. Internet bill.
I work from home. I need the internet to work. This goes hand and hand so partially the internet bill, at times, is a work expense. I must say be careful with these types of write offs if you do work from home because you actually have to calculate the usage. For an example, you aren’t working 24 hours a day every day of the month, so therefore part of the internet usage is not work related so it can’t completely be a write off. You can only account for the time that it’s solely used for work.
5. Car registration.
Most people hate the DMV and are very mad that there are so many fees that goes with owning a car. Some people don’t know that you can actually write off your registration fees. Again keep your receipts and have documentation of everything. I think one time I only got $15 back from registering a motorcycle but that’s $15! Every little bit helps and if you keep track of all the little fees you have to spend throughout the year you might find yourself getting back most of it come tax time.