What Can I Deduct On My Taxes

There is the famous saying every American are familiar about, “there are two things cannot escape; deaths and government taxes”. The quoted saying carries a lot of weight because that, are the only two things in this world that you can never escape. However, you can deduct your taxes because the government gave some tax exemption for some items. Before start deducting your taxes legally, you will need to ask yourself, what can I deduct on my taxes because if you have no idea what is it, you may end up deducting your taxes illegally and you maybe prosecuted.

You can always deduct on business expenses if you are a small business owner or even self-employed and take my words for it as these deductions can save you up a lot of money. The first thing that is tax deductible is the transportation cost. For example, if you are landscape designer and you will need to drive 50 miles a day to get to your client’s place, you will be able to deduct your taxes under gasoline expenses as well as your vehicle’s maintenance expenses. You can also deduct taxes from your office supplies and equipment, which includes pencils, pens, paper and every stationery and equipments to needed for your work.

For home owners, you can deduct your taxes from the interest on your home mortgage and most of you should have know about this by now. You can also deduct your taxes on the improvements that are made to your home. Things like landscape improvements until security systems are all tax deductible but you have to always remember that the home improvements to add value to your home.

For college student, the tax deduction called the life learning tax credit is available to all the students who are enrolled into at least one class from an accredited school. The qualified student will receive 20% from the first $10,000 that they spend for educational purposes. However, the maximum amount a person can get is only $2,000. In some states, students are able to receive tax deductions for their semester and yearly tuition.

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