No one wants to pay more in taxes than they have to, and yet millions of Americans forget to claim valuable deductions every year. Leaving deductions and credits off your tax returns essentially means giving money away, so it pays to ensure you claim every expense you’re entitled to. Tax return preparation experts recommend checking to see if you qualify for any of these often-overlooked deductions.

4 Tax Deductions People Frequently Miss

1. Sales or Income Tax

While the Tax Cut and Jobs Act limited this deduction to $10,000, you can still claim your state income or sales taxes as a deduction. If you live in a state without income tax and made a big purchase this year, this deduction could shave hundreds off your tax bill.

2. Health Insurance Premiums

If your health insurance costs are more than 7.5% of your adjusted gross income (AGI) and you itemize your deductions, you may be able to deduct all of your medical expenses. However, self-employed individuals who shoulder the burden of all their medical expenses can deduct their premiums off their gross income.

3. Charitable Gifts

Deducting charitable donations isn’t just for wealthy taxpayers making major contributions to university endowments. In addition to cash donations, during tax return preparations you can also deduct the value of goods and any expenses incurred while performing charitable work.

4. Self-Employed Social Security Payments

Working for yourself does give you freedom, but it also makes you liable for both the employee and employer portions of Social Security and Medicare payments. Fortunately, you can deduct the 7.65% that employers normally pay, lowering your tax burden for next year.

From long-term tax planning to prompt, accurate tax return preparation, Cloyd & Associates PSC provides the services you need and expertise you can trust. With offices in London and Corbin, KY, they help taxpayers throughout the area claim every deduction they qualify for, ensuring they keep as much of their own money as possible. Visit their website for more on their tax return preparation services, call (606) 864-8110 for an appointment at their office in London, or dial (606) 528-8776 to speak to someone in Corbin.