Common deductions missed on income taxes

By: Maisie Insko Email
By: Maisie Insko Email

With many parts of the area seeing flooding this past year, one deduction many people can qualify for is a natural disaster deduction.

"If they lost a lot of stuff in their home and had to pay for it themselves, yes there is a casualty deduction for that." says CPA Sharon Lewis.

Lewis says there are other deductibles commonly missed when it comes to health insurance.

"If you pay your health care out of pocket that's deductible, a lot of people don't know that."

Believe it or not, you can actually get a deduction for the miles you travel for your medical needs.

"You can take the mileage of going to and from the doctors, pharmacies, and dentist." adds Lewis.

But the number one thing Lewis says people tend to miss are the charitable donations made throughout the year to charitable organizations like Goodwill.

"Usually when you donate they will give you a slip that tells how much your donation was worth so save it and put it in your tax packet."

And when it comes down to filing your taxes, Lewis says the early bird doesn't always get the worm.

"A lot of people will file early, then later on they will get their mortgage statement or maybe income they forgotten about."

So above all, make sure you have everything before you file.

The IRS is already warning those early bird filers to expect a refund delay.
A spokesperson for the organizations says if you filed your taxes between January 17 and January 24 then you may face up to a two week delay in refunds due to a system overhaul.

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