3 Little-Known Tax Deductions You Will Want to Know

Now that 2018 has officially arrived, everyone is beginning to get ready for the most dreaded time of the year: tax season.

Though your taxes aren’t officially due until April 17 this year, the smartest consumers start to get their paperwork in order as soon as possible so they’ll have plenty of time to maximize their deductions.

There are a number of secret tax deductions that many filers miss out on because they don’t know that they qualify. Read on to learn about three deductions that you may qualify for this year.

  • Learning beyond college. Though most people know that the IRS offers a number of tax benefits for college students, not many know that there are also continued education benefits that don’t discriminate based on age. The Lifetime Learning credit can provide you with up to $2,000 per year if you spend over $10,000 annually after high school increasing your education.
  • Travel for interviews. Losing your job can be difficult, and it can be even more difficult to come up with the money to cover expenses related to finding a new one. While you won’t be able to write off that new suit or pair of pumps as a business expense, you can deduct the cost of travel to and from job interviews for a new position at the IRS’s 2017 rate of 53.5 cents per mile. While this might not seem like a lot, those miles can add up quickly, especially if you’ve been unemployed for more than a few months.
  • Charitable donations. Your charitable donations don’t need to be cash for you to make a deduction! If you made an NJ car donation in 2017 to a registered non-profit such as American Children’s Society, Inc., you can deduct the Kelly Blue Book value of the vehicle from your income when filing.

It’s never too early to start thinking about your taxes or how much good you could do with a simple donation to a great cause. If you’re interested learning more about how you can donate a car to charity in NJ, we encourage you to give our team at American Children’s Society, Inc. a call at 888-776-4038.