Tax season is here, and, if you’re like many Americans, you’re leaving hundreds of dollars or more on the table. There are countless deductions you may qualify for, but it’s hard to know which ones you should take advantage of without working with an experienced CPA. At Cheryl Hawkins Tax and Accounting in Jordan, MN, they will work with you to ensure you walk away with extra money in your pocket.

Top 5 Deductions You Aren’t Taking on Your Taxes

1. Charitable Miles

Most people are already aware their charitable contributions are tax-deductible. Unfortunately, the time you donate by volunteering is not. You can, however, deduct the cost of transportation on your taxes. So the next time you’re heading to the soup kitchen or a fundraiser, keep track of those miles.

2. Your Home Office

If you’re self-employed, this is a big deduction you may be overlooking on your taxes. You can deduct a portion of your utilities and even some of your rent or mortgage based on the square footage of your office space. Of course, these calculations can get tricky, so it’s wise to work with an experienced CPA to ensure everything is correct.

3. Post-Disaster Cleanup

While natural disasters are devastating, they could result in potential deductions. If you received federal aid after a storm or other weather event, you may be able to deduct any expenses, such as repairs you paid for that weren’t covered by your insurance.

4. Mortgage Refinancing

Refinancing your mortgage has a couple of benefits, both immediately and come tax time. First, you’ll save on your monthly interest and payment. Second, any loan points you pay off within the tax year are deductible.

5. Health Care Costs

Even with insurance, health care isn’t cheap. Fortunately, even for those covered by an employer plan, if the insurance premiums are more than 10% of your adjusted gross income, they are deductible on your taxes. If you’re self-employed, the 10% requirement does not apply.

These deductions are just the tip of the iceberg. There are countless others that may apply depending on your occupation and other circumstances. Working with Cheryl Hawkins Tax and Accounting will ensure you take full advantage of these deductions and more. If tax preparation has you feeling overwhelmed, call their office at (952) 222-8272 to schedule an appointment, or go online for more information.