9 tax deductions you might be overlooking
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Taking advantage of tax write-offs is an easy way to reduce your tax burden. The good news is you don't have to be an expert in tax code to benefit from deductions.
Here are a few tax deductions you may be missing out on:
Teacher's education expense
As a former preschool teacher, I can attest to how common it is for teachers to pay out of pocket for classroom supplies. Thankfully, teachers, instructors, principals and teacher's aides who work at least 900 hours in an elementary or secondary school during the year can deduct up to $250 of unreimbursed school expenses. Books, supplies and computer equipment are just a few examples of items you can deduct, so collect your receipts and get your tax break.
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Moving expenses
If you relocated to change jobs or for business reasons last year, you can write off the cost of the move. In order to take this deduction, your new workplace has to be at least 50 miles farther than your old home was to your old job. You must also work at your new job full-time for at least 39 weeks during the first 12 months after moving.
Club or membership dues
You may be able to deduct membership dues for professional clubs or your local chamber of commerce if being a member helps you do business. Country clubs and other clubs meant for entertainment don't qualify.
One important thing to note: Membership dues along with the remaining deductions on this list fall into the miscellaneous expenses category. You can deduct the amount of miscellaneous expense that's over 2% of your adjusted gross income or AGI.
For example, if your AGI is $60,000, whatever you spend over $1,200 in miscellaneous expenses will be tax deductible. Double check your bank statements and hunt for receipts to see if you can add up enough expenses to take advantage of the deduction.
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