Taxes can be confusing; with so many different laws, it’s hard to know what you are supposed to be doing and what you aren’t. Making a simple mistake could end up causing you even more problems down the line.

To help you save on the cost of your return, check out some of these deductions you might not realize existed when doing your tax return:

Health Insurance Costs

If you are paying out of pocket for your health insurance, you need to deduct that amount on your income taxes. Regardless of whether you paid $400 for the entire year or $400 per month, you don’t want to lose out on this opportunity to reduce outstanding tax debt. The total amount of your expenses has to exceed 10% of your income. The only time an individual can deduct everything paid is when you are self-employed.

Education

If you go back to school to further your education, you can deduct those expenses as well. You can deduct as much as $2000 annually, helping you save on your return and overall business expenses. By furthering your education, you are not only helping yourself earn more money down the road, but you are also providing yourself with information you might not realize existed.

Charitable Gifts

If you made a lot of contributions during the year, you want to include those on your tax return. The accountant can go through all the different donations made and help you determine what should be deducted and what shouldn’t. Whether you donated to one charity, or multiple ones, it’s important that you have all your paperwork to maximize your deduction.

If you are ready to file your taxes, turn to Simplified Tax in Sparta, WI, for assistance. With years of experience dealing with all sorts of tax returns, you can count on the team to get you taken care of promptly. Spend some time discussing your return and any questions you might have to make sure you know what to expect. You can visit them online or call (608) 269-2633 for more information.