CPA Points Out Commonly Overlooked Tax Deductions
By Lynne Adkins
PHILADELPHIA (CBS) - The April 15th tax deadline is fast approaching. Are you taking all the deductions you’re allowed?
Forgetting tax deductions could be costing you money. Anna Ellmer, a CPA in Ardmore, Pa. says many people forget to write in the clothing and housewares donations they make thru out the year.
“Non-cash charity is something a lot of people forget about,” she said. “They take things to the Salvation Army and The Goodwill, and when they’re getting their receipts together at tax time they may not have gotten a receipt or forgotten about it and that’s something that can be deducted.”
You can also deduct the mileage to and from the drop off site.
If you volunteer at a charity, mileage to and from the site is also deductible. If you’re self employed, your health care premiums count along with your student loan interest.