The 2017 deadline for your 2016 taxes is a few days later than usual — on April 18 — but don’t procrastinate. If you start focusing on your taxes now, you’ll get your tax refund earlier, you’ll give yourself the time you need to get things right … and you’ll avoid rushing past what could be some valuable income tax deductions.
Deductions are one of a few ways you can end up paying less on your taxes. For instance, tax credits simply reduce the overall amount of tax you have to pay. And exemptions are usually broad-based reductions to your taxable income.
Tax deductions are a little more specific in nature, but typically have to do with reducing taxable income by backing out various expenses you occur throughout the year. And they can range from just a few dollars here and there to several thousands of dollars.
Today, we’ll look at a few income tax deductions that have broad appeal, but still get overlooked by many taxpayers. If you haven’t filed yet, great — your tax return this year might be a little more robust! And if you have filed, sock these deductions away for the coming years.