In 2015 it was recorded that forty-five million taxpayers made more than one trillion dollars by itemizing their deductions. Those who only claimed the standard deduction made a total of seven hundred and forty seven billion. This means that there was a thirty percent addition to the average taxpayer’s deduction by itemizing and specifying their expenses, charity and clarifying where they are in life right now. You too can be one of those smart citizens by taking a more careful and meticulous approach to your taxes this year. Spend a little bit more time on your taxes this year and pay attention to these nine tax breaks and you too can keep a little bit more of your money come this April.
1) Moving Expense to Take First Job
Paying taxes during the first few years as an adult, there are bound to be many changes like that first job. It is possible that for that first job, you will have to move and relocate your whole life, which can add to your expenses. However the government will deduct those expenses to be in reach of that new job. The time spent searching for the job is not deductible, but the cost to travel and move to get to that first job are. You don’t even need to itemize this expense to receive the benefits. If you moved more than 50 miles, you can deduct 23 cents per mile of the cost of getting yourself and your household goods to the new home, this includes tolls and parking for driving your own vehicle.
Click below to share this article.