Do You Know About These Common Tax Exemptions?

Common Tax ExemptionsIf you’re wondering if you might be able to put some extra money in your pocket from your tax return this year, we have good news for you. You may be able to claim one or more of these common tax exemptions on your return. While these are considered some of the more common exemptions, they are also frequently overlooked by taxpayers. Don’t let yourself overpay taxes this year, take a look at these common tax exemptions to see if you qualify, and put more money in your pocket.

Dependency Exemption

Each dependent you claim for 2015 can reduce your taxable income by up to $4,000. For most of us, this is probably one of the largest opportunities to reduce our tax bill.

Student Exemptions

Students who are enrolled and working toward a degree in a university or college can qualify for deductions by claiming many of their educational expenses on their tax return. These expenses include items such as books, tuition, commuting expenses, room and board, and interest on student loans. There are also ways for students to claim tax credits, you’ll want to check with your E&Y Tax Preparer to see if you qualify for one of the education tax credits.

Job Search

Expenses such as postage, resumes, and mileage driven to interviews that are incurred while job hunting are deductible.

Job Relocations

You may be eligible to deduct certain expenses incurred while moving due to a new job. There are specific requirements relating to distances of the workplace and home that you’ll want to check on for eligibility.

Medical Expenses

Out of pocket medical and dental expenses can be itemized as deductions up to a certain amount.

Charitable Donations

Money or items that you’ve donated to qualified charitable organizations are deductible.

Watch For Exemptions All Year Long

Most of the common exemptions are things you can plan for and prepare for not just at tax time, but throughout the year.

It is important to keep in mind that your E&Y Agency tax advisor will be able to determine your exact qualifications depending on your own circumstances. While these exemptions are considered to be some of the more common ones, you’ll want to check with the professional tax preparers at E&Y Agency to see if you qualify for even more exemptions. Call our office today at (248) 909-1331 for a free consultation.

 

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