Tax Deductions You May Not Know About

Few people know how much money they can save with tax breaks, and even fewer know how many tax breaks are really out there. Here's some deductions and credits to keep in mind. For example, did you know that donating to charity can be used for a tax break? Make sure to get a written receipt of the total value of the items you donated. If that tip isn't relevant to you, what about this: ever refinanced you home? This can be deducted over the period of the new loan, it's not a big deduction, but always helps! The following is one that applies to most of us: health insurance premiums.
Considering your age and what Medicare premiums you may be paying, this is a potential source for more tax deductions. And for all the school teachers out there a deduction of up to $250 is available for expenses based on materials. Finally, if you have the opportunity to improve your home by installing solar panels or other energy efficient technology it's possible to get a credit for up to $1,500!