When you hear the word “dream,” it usually is usually associated with good things. (And, we’re talking bucket-list type of dreams, not sleeping dreams.) People dream about backpacking around Europe, learning how to play the drums, skiing in the Alps, or sleeping in a Mongolian yurt. These things just seem so cool and dreamlike and grand that people rarely take their own dreams seriously. The thing is, they aren’t! Your dreams are within you reach. Sure, it may take some planning and research and guts, but if you put your mind to it, you can live your dreams.
Many people also dream about getting more of their taxes back. But it sounds too good to be true. We live in a cruel world. But the truth is, there are a lot of common deductions that people simply overlook – missing out on the realization of their tax-back dream.
Here is a list of a few commonly overlooked deductions that you should definitely look into.
Our government is all for energy efficiency. Families or individuals that have taken measures to make their homes more energy efficient, qualify for up to 10% tax cuts on those expenses. Improvements that fall under this category include home improvement projects like new insulated windows, new doors, or a new roof.
Furthermore, if you have chosen to put up actual alternative energy measures, like solar panels or wind turbines, in your home, you can write off up to 30% of those costs! Who knew that you’d save money via taxes, not only cuts in energy costs when you installed these great, environmentally friendly devices! It really is a dream.
If you wish that life was fair, in this case, you are chasing an impossible dream. However, the government is not heartless. They try to make up the difference if they can. In cases of disaster, damage, and burglary, you may be eligible to claim those losses on your taxes. Of course, this comes with some conditions. Regular wear and tear does not count. Neither do costs that have already been covered by your insurance. However, if you don’t have insurance or were not fully covered, you may be able to catch a break with the government.
Additionally, people who live in areas that have been declared a federal disaster area are automatically eligible to claim their losses. When life is unfair, the government does try to even things out.
Dependents: Young AND Old
Everyone knows that you get tax breaks for kids. But many people forget that they can claim deductions if they are taking care of their elderly parent(s). Whether old or young, taking care of dependents can be a heavy financial burden. This can even apply to a spouse who is mentally or physically incapable of taking care of themselves. You can get up to $3,000 per year for taking care of these dependents!
These are just three of several tax deductions available to many qualified candidates. If you’re not sure how to claim these tax deductions on your own, we recommend contacting one of the tax professionals at our Utah Check City Locations. If you dream of getting more back for any hardships or expenses you have, don’t simply dismiss those dreams. There’s a chance it could be realized!
Get out there and search around for additional deductions you may have missed!