Types of Deductions Available for Your Tax Return

Type of Deductions You Can Get

If you are a homeowner, have donated money to charities, pay for medical costs, have health insurance, have childcare costs, have educational costs, expenses for K-12 educators, other state and local taxes (besides wage withholding), retirement and savings, disaster declared by the state.

Tax Return Types of Deductions Available

You could be saving more money if you’re not marking any of these deductions when you should

Homeowners, Donations & Medical Costs Deductions

For homeowners, we need your 1098 forms along with any mortgage interest statements. Tax records with your real-estate and any personal property. Receipts for any home improvements help even more if they’re energy saving (e.g., solar panels). Any other 1098 forms.

For any donations to charity, we need the cash amounts you donated, records of any non-cash donations, the number of miles you drove due to charity or medical reasons.

For medical costs, we need the amount of money you paid to see any doctors, hospitals, dentists, surgeons, chiropractors, or other nontraditional medical practitioners.

Tax Return | Homeowners, Charity Donations, & Medical Costs

Deductions for homeowners, charity donations, and medical costs

Health Insurance & Childcare Costs

For health insurance, we’ll need a Form 1095-A. Form 1095-A is a privately owned insurance that you get for yourself. You may have a marketplace exemption certificate, which we’ll need (this is in respect to Form 1095-A). Form 1095-B along with Form 1095-C (if available) is needed when someone else provides you with health insurance, like a job or the government.

For childcare costs, we’ll need a record of all the money you’ve spent related to childcare, including babysitters, daycares, or family care centers for any infants in the household. What we can’t include are costs from work flexible spending accounts.

Tax Return Deductions for Health Insurance & Childcare Costs

Tax Return Requirements for Health Insurance & Childcare Costs

Educational & K-12 Instructors Costs

For educational costs, we’ll need your Form 1098-T given by schools, colleges, universities, and other institutions. We’ll need records of scholarships received. A Form 1098-E declaring any interest paid on a student loan.

For K-12 instructors, we’ll need any records or receipts showing the costs of money spent on classroom instructors from K-12.

Tax Return Deductions for Education & K-12 Classroom Instructors Costs

Educational & K-12 Classroom Instructors Costs

State/Local Taxes & Retirement/Other Savings

For state and local taxes, we’re referring to other taxes paid besides wage withholding. This includes invoices with the amount of money paid for the vehicle sales tax.

For retirement and other savings, we’ll need Form 5498-SA, this form shows a health savings account contribution. We’ll need Form 5498 that shows contributions to the IRA. We’ll need other 5498 forms, they can be 5498-QA (Achieving a Better Life Experience savings account) and/or 5498-ESA (education savings account).

Tax Return Deductions for State & Local & Retirement & Other Savings

Tax Return Deductions Available for State & Local Taxes and Retirement & Other Savings

Disasters Declared by the State

If you have records with proof of property loss like appraisals, records of rebuilding your home or costs of repairs, any reimbursements for your insurance or unpaid claims, or if FEMA has declared your county a natural disaster, you can get a deduction in your tax return.

Check the FEMA website to check in which counties has there been a natural disaster declared.

Tax Return Deductions for Disasters Declared by the State

Tax Return Deductions Available for Disasters Declared by the State

Don't Miss Out on Any Deductions

Applying for the right deductions is the easiest way to save money on your taxes. These are just a few examples, but by spending time talking and discussing more your expenses, we can find areas where to save money.