3 tax deductions you’re probably missing out on
With the IRS starting to accept returns, understanding your deduction options is crucial. Opting for itemized deductions over the standard can significantly reduce taxable income.
Don’t overlook these deductions
- Charitable contributions: Small expenses incurred during charitable work, like ingredients for a nonprofit’s kitchen or supplies for a fundraiser, are deductible.
- State taxes paid last spring: Amounts paid in state taxes last filing, including withheld income taxes, can be itemized, subject to a $10,000 cap.
- Unreimbursed healthcare expenses: Medical expenses exceeding 7.5% of your AGI, including treatments like acupuncture or chiropractic services, are deductible.
Important dates and extension info
The deadline for filing is April 15, 2024, with an extension available until October 15, 2024. Remember, an extension to file doesn’t extend the time to pay any owed taxes.
Enhance your tax strategy
For personalized guidance on maximizing deductions and optimizing your tax strategy, consider consulting with a Signet financial advisor. Their expertise can help you navigate tax season with confidence.