12 Things You Can Write Off That Most People Don’t Know About
Many people miss out on tax deductions that could save them money yearly.
- Daisy Montero
- 3 min read
Tax season often brings stress, but knowing what you can write off can make a big difference. Some overlooked deductions, like specific home expenses and side hustle costs, could lower your taxable income. Other deductions, such as job-related purchases and medical expenses, might surprise you. Understanding these deductions can help you keep more of your hard-earned money.
1. Home Office Expenses
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Working from home has perks, including tax deductions. If you have a dedicated workspace, you can write off a portion of rent, utilities, and internet costs. Even minor home office expenses, like a new chair or desk, may count.
2. Job Search Costs
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Looking for a new job can be costly, but some expenses are deductible. Costs for résumé printing, career coaching, and even travel for interviews may qualify. Just be sure your job search is in the same field as your previous employment.
3. Side Hustle Expenses
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Running a side gig? Your business expenses might be deductible. Whether website hosting, equipment, or marketing costs, these can reduce your taxable income. Even a portion of your phone bill may count if you use it for business.
4. Charitable Contributions (Even Small Ones)
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Small donations add up and can be deducted from your taxes. This includes cash contributions and even out-of-pocket expenses related to volunteering. Just remember to keep receipts for proof.
5. Medical Expenses Beyond Insurance
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Medical costs beyond insurance can be deducted if they exceed a percentage of your income. This includes prescription medications, therapy, and even travel for medical appointments. Alternative treatments like acupuncture might also count.
6. Student Loan Interest (Even If Someone Else Pays It)
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If someone else, like a parent, pays your student loan, you may still get the tax deduction. You can claim the interest as a write-off if the payments are made directly to the lender. This is an often missed opportunity for savings.
7. Energy-Efficient Home Upgrades
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Going green can save you money at tax time. Upgrades like solar panels, energy-efficient windows, and even insulation improvements may qualify for credits. These deductions can lower both your energy bill and your tax bill.
8. Educator Expenses
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Teachers often spend their own money on classroom supplies. The good news is that these expenses are deductible. Whether it is books, software, or art supplies, every bit helps at tax time.
9. Childcare Expenses
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If you pay for childcare while you work, you may be eligible for a tax credit. Daycare, babysitters, and even summer camps can qualify. This credit can make a big difference for working parents.
10. Business Travel Expenses
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Frequent business trips can mean valuable deductions. Flights, hotel stays, and even meals during work travel may be written off. Just make sure to keep detailed records to back up your claims.
11. Moving Expenses for Military Members
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Active-duty military members may qualify for moving expense deductions. If you relocate due to orders, transportation and storage costs can be written off. This includes moving trucks, packing supplies, and even temporary lodging.
12. Gambling Losses (Up to Your Winnings)
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Did you lose money at the casino? You may be able to deduct gambling losses—but only up to your winnings. Keeping records of your bets and winnings is essential to claim this deduction.