One-trillion dollars: that's how much in deductions 45 million Americans who itemize their taxes are claiming. Meanwhile, the 92-million people who are using the standard deduction are claiming $300 billion less.
With the April 17 deadline approaching, here are some deductions you might be overlooking.
- If you're a job hunter, you might be able to deduct everything from the cost of printing resumes to employment agency fees.
- If your parents are paying off your student loan, you can still get up to a $2,500 deduction on the interest, if you're not claimed as a dependent.
- If you're self-employed and travel a lot, write off all those baggage fees! they can add up to a big deduction!
- If you buy anything for a charity event and the total is over $250, you can deduct that amount.
- If you use your car for a non-profit, you can write-off 14-cents per mile as well as tolls and parking.