NASHVILLE, TN (WSMV) - Tax season is here. Before filing then, you may overlook some key items that could save you money in the long run.
Surprises are for birthday parties, not for when you file your taxes.
H&R Block Tax Specialist Neil Rogers works at the H&R branch in Antioch. He broke down the Top 5 Overlooked Tax Deductions:
- Daycare Credit - “A lot of couples these days have both husband and wife working in order to pay for the cost of living and little Johnny has got to go to daycare and so daycare expenses can be quite expensive,” Rogers said.
- Savers Credit - “That, depending on your income level, you get a credit for putting money into a qualified retirement plan. Which is something that is commonly overlooked,” Rogers said.
- Student Loan Interest - “A lot of people have student loans. And when you make payments, part of that payment is interest. And that interest is a deduction,” Rogers said.
- Education Credits - “You don’t have to be a full-time student at a major university to qualify for education credits. You have things like the American opportunities credit, which is for those and then you have things called the Lifetime Learning Credits,” Rogers said.
- Deductions tied to specific jobs - “Teachers can deduct up to $250 of classroom expenses. We’re in a music city, so there are a lot of performing artists here. Performing artists can deduct a lot of their expenses,” Rogers said.
Click to see the Top 5 Overlooked Tax Deductions