Top 5 Tax Deductions You Might Be Missing

Every tax season, countless taxpayers leave money unclaimed, simply by overlooking deductions they’re eligible for. At R.O.I. Consulting Services, our mission is to ensure you maximize your refund by uncovering every possible deduction. Below, we outline five commonly missed tax deductions you should consider before filing.

1. Charitable Contributions

Did you donate to a charity this year? Many taxpayers forget to include charitable contributions in their deductions. Donations, whether in cash or goods, can often be written off if you have proper documentation. Even small contributions can add up, so don’t overlook this one!

2. Home Office Expenses (for Business Owners)

If you’re a business owner or freelancer working from home, you may qualify for deductions on your home office expenses. This includes a portion of your rent or mortgage, utilities, and even furniture purchased specifically for your workspace. Be sure to follow IRS guidelines to determine if your home office qualifies.

3. Medical and Dental Expenses

Healthcare costs can add up quickly. If your medical and dental expenses exceed a certain percentage of your income, you might be able to deduct those costs. This includes everything from doctor visits to prescriptions and even mileage for traveling to medical appointments.

4. Education-Related Tax Credits

Continuing education can be a smart investment, and it comes with potential tax perks. If you’ve taken classes to improve your skills or further your career, you might qualify for education-related tax credits like the Lifetime Learning Credit. Don’t let these savings slip by.

5. State and Local Sales Tax

In some cases, state and local sales tax deductions can reduce your tax burden. If you made significant purchases such as a car or major home improvements, this deduction could work in your favor. Review your receipts and take full advantage of what’s available.

Don’t Leave Money on the Table

Tax season doesn’t have to be overwhelming. With so many deductions available, it’s easy to overlook the ones that could save you the most. At R.O.I. Consulting Services, our team of experts is here to review your tax situation and ensure every deduction is accounted for.

  Schedule Your Free Consultation Today and let’s maximize your refund this year!