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Unknown Tax Deductions

There are unknown tax deductions you should be aware of. When you take deductions on your taxes, you want to make sure not to overlook some deductions that many people don't know about. You can find information on many of these deductions online, if you know where to look. Always check with a professional tax preparer to make sure that you qualify for certain deductions. Here are some you may not know about.

Some Unknown Tax Deductions

If you volunteer, you could have a deduction you're not aware of. While you can't deduct your time spent volunteering, you can deduct your travel expenses associated with your qualified volunteer work. The mileage for going to and from your volunteer location is deductible, and you can include any costs for parking fees or tolls on your way to your volunteer job. If you use your car while you're volunteering, like running errands or delivering supplies, you can deduct that mileage, too. You can deduct the actual cost of gasoline, or use the standard mileage deduction amount for your tax year.

In addition, if you pay some types of out-of-pocket expenses for your qualified volunteer organization, and you aren't reimbursed, you can count those as charitable donations to your organization. For example, if you buy office supplies or stamps, that could qualify as a deduction. Also, if you have to wear a uniform for your volunteer work, you can deduct the cost of the uniform and dry cleaning.

If you take a temporary job that lasts less than a year and it's away from home, you may be able to deduct the expenses, like travel, hotel, and meals, associated with the job. The job has to be temporary to qualify for this often unknown tax deductions.

Are you searching for employment in your same field? You may qualify for deductions based on your expenses for looking for a new job. You can deduct the costs to prepare resumes, postage, travel to interviews, and any employment fees you may pay.

If you have certain specific diseases, or your family does, you can deduct the amount you spent to treat them. The diseases include chronic kidney failure, cancer, and neurological diseases. These are just some of the unknown tax deductions you can find if you look hard enough.

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