Summer is finally starting to come to an end and as we careen towards Labor Day and kids going back to school, you might be missing out on some hidden tax gems that can save you money … if you know where to look.
If you are putting a child into college this year, there are several important places that you can add up deductions – notably in travel expenses. On the back end of that education that your son or daughter is receiving, if you are helping them by taking out loans in your name, remember, that interest is deductible. With so many students saddled with student loans, it’s a worthy and teachable moment to remind them that there are some tax breaks available to your student on any interest they pay on those loans, too.
One of the biggest criticisms often levied against schools is also the fact that so many parents and teachers must come out of pocket to buy additional supplies for the school – everything from printer paper to sanitizing wipes, and remember, that can still be considered deductible in certain instances – if you keep track of where and how those items were donated or provided. The key, of course, is keeping track and not throwing those receipts away just yet!
Remember, the IRS has thousands of pages of code and that means there are many, many options available. The good news is that we’ve already read through them. If you’d like to learn more about the types of savings and deductions that are available to you, come chat with us!