Five Tax Deductions You Shouldn’t Miss Out On

From gig worker perks to retirement contributions, here are the tax deductions every filer needs to know.

), you may owe less tax than if you didnt contribute.

The money comes out before the taxes do, resulting in a reduction of your taxable income.

With a traditional IRA, you could still get a tax deduction without requiring access to an employer plan.

However, your tax break may be limited if you also participate in an employer plan.

See the other self-employed deductions below.

Also, you might deduct half of your self-employment tax above-the-line.

And, for qualifying individuals, you could take the home office deduction.

Charitable contributions

You will need to itemize your deductions if you want to deduct your charitable donations.

Its also possible to deduct the current fair market value of goods you donate to charity.

ensure you get a receipt for your donations, whether they are cash or goods.

you might claim all qualifying children that were born or adopted within the tax year you are filing.

Your earned income doesnt go on their return.

Filing tax returns for children is easy in that respect.

However, you may need to report it on your own tax return.

Unfortunately, commuting costs are not tax deductible.

Costs of driving a car from home to work and back, again, are personal commuting expenses.

This is also true for fares you pay to ride any sort of public transportation to and from work.

Service animals generally arent considered pets, though.

Remember to keep accurate records andconsult with a tax professionalif you have any questions or concerns.