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Many taxpayers overlook key write-offs that could lower their bills or put more money in their pockets.
GOBanking Rates talked to accountants and tax experts about the fourdeductions most people forget about that cost you money.
However, some states allow deductions for job search expenses on state income tax returns.
But if only these expenses exceed 7.5% of your adjusted gross income for the year, Alajian said.
Anything less than that is not deductible.
But thats a good thing.
It means your medical expenses arent too high.
Home health or nursing home care is a Schedule-A deduction, Quinn said.
It is missed in most cases because many seniors dont itemize their deductions.
Hamilton explained that the IRS offers standardized and itemized deduction options for this deduction.
While the standardized deduction provides an exact sum, calculating the itemized deduction can take more work.
Taxpayers should decide based on which option provides the greater benefit.
Individuals can also use the IRSsSales Tax Deduction Calculatorto evaluate their options.
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