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It’s not too late: More Ways to Save on Your 2017 Taxes

March 20, 2018 by OSYB Staff

In honor of St. Patrick’s Day, Don’t Mess with Taxes came up with 17 ways for you to save on your 2017 taxes.  Here are but a few of the ways:

  1. Job hunting costs – For example, you may claim fees for resume preparation, as well as employment or outplacement agency fees as an itemized miscellaneous expense on your 2017 Schedule A.   However, all these costs need to exceed 2 percent of your adjusted gross income before you can claim them on Schedule A.
  2. Costs related to caring for a parent: If you pay for the care for a parent and mom or dad qualifies as your dependent, you can deduct the parental assistance costs you incur. Costs of in-home care and nursing home care are examples of what can qualify.
  3. Casualty and theft losses – Some casualty and theft losses might be deductible as itemized expenses.  Deductible expenses on your 2017 Schedule A also can come from such unfortunate incidents last year as a car wreck, loss of a financial account bank account due to insolvency of the bank, and uninsured losses from a burglary.
  4. Mortgage refinance points – You can deduct the points on your tax return for that year of your residential purchase.
  5. Moving expenses: You can write off many moving expenses as an above-the-line deduction when you relocate to take another job.

As with any tax tips, it is always important that you consult your tax professional.

For more details:  17 ways to save on your 2017 taxes

Image Credit:  Deposit Photos

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