10 Tax Deductions That Can Save You Money

Preparing taxes

(Note: Information herein is not intended as tax advice. You should consult with a tax professional about your particular tax situation)

Hi folks, J.G. Wentworth here with some common deductions and credits people forget to list on their tax forms – deductions that can sometimes translate to savings of hundreds and even thousands of dollars on their returns. At J.G. Wentworth – one of the nation’s largest buyer of structured settlement and annuity payments in the country – we know how important every dollar is to our customers, and so we present to you this list of tax deductions that are simply too important to overlook.

  1. Charitable Contributions
    Always get a receipt for everything you donate – clothes, furniture, old electronics, used cars – you name it. Such out-of-pocket charitable contributions are usually deductible.
  2. Refinancing Points
    Many people don’t know that when you refinance your home, the points can be deducted over the term of the new loan. Even a small amount of money, when added up over many months, can translate to solid savings over time.
  3. The Costs of Looking for a New Job
    Some job hunting costs are deductible, even if the result hasn’t led to a new position yet. These costs can include transportation, food and lodging expenses, and the costs of printing resumes and business cards, to name just a few.
  4. The Costs of Travel If You Are in the Military Reserves
    Did you know that if you are in the National Guard or another branch of the military reserves, you may be able to deduct travel expenses to your drills or meetings?
  5. Healthcare/Health Insurance Premium Costs
    If you own your own small business, are self-employed, or spend more than 7.5% of your income on medical expenses, you may be able to deduct some healthcare costs.
  6. The Child-Care Credit
    This is a tax credit too valuable to overlook. Make sure you are receiving the 20% to 35% you deserve if you are working and also paying some of your salary towards childcare.
  7. Jury Pay
    If you received money to sit on a jury, and also received your regular employee salary while doing so, make sure you deduct the amount of that jury salary that your employer demands back of you, if any.
  8. Expenses if you are an Educator
    Teachers receive certain deductions on materials they’ve bought to support their classrooms.
  9. Costs of a Higher Education
    Depending on your adjusted gross income, you may be able to receive a tax credit on some of the tuition paid for both undergraduate and graduate coursework.
  10. Casualty Deductions
    With so many natural disasters occurring this past year, it would be a shame if victims forgot that they can claim these losses on their returns.

Please note that this is just a short list of deductions and credits available to taxpayers around the country. Information herein is not intended as tax advice. We strongly recommend that you research your own tax situation, and consult with a tax professional in your area. And always remember that if you find yourself in a difficult financial situation this tax season, and have future structured settlement or annuity payments coming to you, J.G. Wentworth is always here to help you get the cash you need sooner. Please give us a call anytime at 877-227-4713.

 
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