10 Commonly Missed Tax Deductions

Many people miss out on important tax deductions that could save them money. To help you keep track, let's divide the deductions into two categories: one for individuals with W-2 income and another for those with self-employment income or 1099 income. If you have W-2 income, deductions include charitable giving, mortgage interest expense, retirement accounts, healthcare expenses, and tax loss harvesting. If you are self-employed, you can also take advantage of the five deductions mentioned above, as well as the Augusta Rule, Section 179, home office deduction, professional development, and QBI (199A). By taking advantage of these deductions, you can reduce your taxable income and save money on taxes.

Key Insights 💡
• Properly track charitable contributions and understand the difference between the standard deduction and itemized deductions.
• Take advantage of the mortgage interest expense deduction by keeping an eye out for the form 1098.
• Maximize retirement accounts and consider utilizing a donor advice fund for charitable giving.
• Track healthcare expenses and deduct them if they exceed 7.5% of your adjusted gross income.
• Consider tax loss harvesting in non-qualified accounts to offset losses against ordinary income.
• Explore the Augusta Rule for renting out your house as a business expense.
• Utilize Section 179 to deduct the full depreciation of certain expenses in a given year.
• Take advantage of the home office deduction by tracking expenses related to your home office.
• Deduct professional development expenses related to improving your skillset.
• Consider the QBI (199A) deduction for self-employed individuals to reduce taxable income. Income limits will apply here!

Highlights 🕒
00:00 Introduction
00:55 Charitable Giving
02:20 Mortgage Interest Expense
03:145 Retirement Accounts
05:20 Healthcare Expenses
06:33 Tax Loss Harvesting
08:08 Augusta Rule
08:50 Section 179
09:56 Home Office Deduction
11:28 Professional Development
12:19 QBI (199A)
13:39 Conclusion

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Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.