10 Common Tax Deductions You May Be Missing
Tax season can be a stressful time for many people. But it doesn't have to be. By knowing the tax deductions you're eligible for, you can save yourself a lot of money. Here are 10 common tax deductions that you may be missing:- 1. Medical expenses If you have paid for medical expenses for yourself, your spouse, or your dependents, you may be able to deduct them on your taxes. Medical expenses can include things like doctor's visits, prescription drugs, and hospital stays. To qualify for the medical expense deduction, your medical expenses must exceed 7.5% of your adjusted gross income. You can also deduct medical expenses that are not reimbursed by insurance. 2. State and local taxes You can deduct the state and local taxes you paid, including income taxes, sales taxes, and property taxes. This deduction is especially beneficial for people who live in high-tax states. 3. Mortgage interest If you have a mortgage, you can deduct the interest you paid on your mortgage. This de...