When you file your tax return, the more credits and deductions you can take, the lower your tax bill. You even increase your chances of getting a hefty return. Many taxpayers are unaware of all the deductions they can take, so they lose money every year. As you get ready for next year's tax filing season, keep these possible credits in mind.

How to Get More on Your Tax Return

1. Non-Monetary Donations

Most people know to deduct charitable donations of cash, but you can also deduct other types of charitable giving. This deduction is called "donations in kind" and includes food, clothing, stamps, school supplies, and any other material items you donate to a charity.

2. Childcare Expenses

If you spend money on childcare, the first $6,000 each year is covered by the Child and Dependent Care Tax Credit. There may be some overlap with an employer-provided flexible spending account for childcare purposes, so if you use both, the credit will only apply to part of your expenses. However, this credit can still be worth hundreds of dollars, depending on your spending and your income bracket.

3. Medical Expenses

Major medical expenses can arise suddenly and put a major strain on your budget. If your medical expenses exceed a certain percentage of your income, you can deduct them. For the 2019 tax year, the rule was anything over 7.5% of your adjusted gross income, while this year's limit will be 10%. Health insurance premiums, dental work, vision, preventive care, and surgeries all count.

Hiring a professional tax preparation service to handle your tax return can help ensure you get all the credits and deductions you're entitled to. The experienced preparers at PMC Tax Services LLC in Lincoln, NE, have over 30 years of experience getting clients the best tax return possible. They serve all of Nebraska and clients across the country. Call (402) 467-5529 or reach out online to get started.