Happy March!

While the deadline for filing your 2015 tax return isn't until Monday, April 18, let's all agree to get those taxes done this month.

As you begin the process, here are 25 tax deductions you might not be aware of -- but should know about!

  1. Health insurance premiums (100% deductible for the self-employed!)
  2. Transportation expenses to/from medical appointments and procedures
  3. Nursing home expenses
  4. Crutches, orthopedics, hearing aids, glasses and other medical supplies
  5. Nurses' fees (for the elderly, in-home nurse visits, etc)
  6. Weight-loss programs prescribed by a doctor or medical professional
  7. Education expenses to improve work skills (like that MBA program you just enrolled in)
  8. Professional publications or memberships
  9. Uniforms for work
  10. Union dues
  11. Home office expenses
  12. Expenses for your job search
  13. Cell phone bills (if you use your personal phone for work)
  14. Moving expenses
  15. Charitable donations
  16. Meals, gas and other costs associated with volunteer work
  17. Student loan interest
  18. Penalties for early withdrawal from a savings account
  19. Fees for the care of a spouse or dependent
  20. Child care
  21. Clean fuel credit for a hybrid vehicle
  22. Some energy efficient upgrades to your home
  23. Investment-related expenses
  24. Refinancing points/expenses for a mortgage
  25. Fees involved with filing your taxes (so if you hire a tax professional, deduct it!)

For a full breakdown of deductions, head over to Irs.gov.



Happy tax season!


Sources: 1. Irs.gov, Credits & Deductions | 2. Kiplinger, The Most Overlooked Tax Deductions.

Photo credit: eFile989, Chaos from Filing Taxes.

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