Deciphering tax deductions: what you can really claim

Tax deductions are a popular and legal way to reduce the amounts you have to pay to the government. Tax deductions are qualified expenses that are deducted from your taxable income, meaning you don't pay tax on those expenses. There are many tax deductions you can take advantage of that can help you reduce your taxes and save money. This article will help you find out what you can actually claim in terms of tax deductions.

Deductions for travel expenses

If you're traveling for business, you can deduct your travel expenses, including transportation, lodging, meals and incidentals. Deductions for travel expenses are not limited to trips abroad, you can also deduct travel expenses for trips within the country. You must keep receipts and notes for all travel expenses you deduct.

Deductions for medical expenses

You can also deduct your medical expenses. This includes medical costs, medical insurance costs, pharmacy costs, and dental costs. You must keep receipts and notes for all medical expenses you deduct. You must also ensure that your medical expenses do not exceed a certain percentage of your taxable income to qualify for this deduction.

Deductions for charitable donations

You can also deduct donations you make to charities. You must keep receipts for any donations you make and you must also ensure that your donation qualifies for the tax deduction. You cannot deduct donations you make to friends or family members.

Deductions for mortgage interest and property taxes

If you own a home, you can deduct your mortgage interest and property taxes. You must keep receipts and notes for all mortgage interest and property taxes you deduct. You must also ensure that your mortgage interest and property taxes do not exceed a certain percentage of your taxable income to qualify for this deduction.

Deductions for education expenses

You can also deduct your education expenses. This includes tuition fees, book fees, and school materials fees. You must keep receipts and notes for all education expenses you deduct. You must also ensure that your education expenses do not exceed a certain percentage of your taxable income to qualify for this deduction.

This article has been written to help you find out what you can actually claim in terms of tax deductions. If you have any questions or concerns regarding your tax deductions, do not hesitate to consult a professional. You can also visit the My Financial Advice blog for more information and advice.