For many taxpayers, tax time can be daunting and tedious. Most of us don’t really like doing our taxes, but there can be a silver lining when we find out we’re getting a big refund. Many taxpayers aren’t aware of the deductions they can take to save themselves a lot of money. Read on for a list of deductions that you can take.

Common Tax Deductions

1. Deductible Taxes: You can take deductions on your state and local income taxes, foreign income taxes, real estate taxes, and property taxes. For taxpayers who sold their home and purchased a new one last year, they can deduct the property taxes on both homes for a larger deduction. They can also claim pre-paid property taxes.

2. Deductible Interest and Points: Mortgage interest, home equity loans and student loan interest can be deducted. Any discount points that resulted in a smaller interest rate on your mortgage can be deducted, as well. Certain refinancing fees may be deducted, as well. Pre-payment penalties, pro-rated interest and pre-paid interest on your mortgage can be deducted.

3. Charitable Contributions: Included in these deductions are cash and non-cash donation to non-profits. You will need to keep your receipts. For non-cash donations, you can deduct the “fair market value” of the item you donated.

4.  Business Use of Home and Car: For the self-employed, you can take a deduction on anything that is used exclusively for your business. Office supplies, any memberships, gas, and mileage can be deducted. Part of your mortgage, property tax, and certain utility bills, such as internet and telephone, can also be deducted. You will have to keep your receipts and keep records of your travel expenses if it is part of your business.

5. Other Deductions: The following deductions can’t be placed in the above categories, but they can save you money. You can claim the child tax credit if you have qualifying dependents. You may also claim retirement savings and medical costs that were paid out-of-pocket. You can claim some educational costs like tuition and books. If you have property loss that wasn’t covered by your insurance that was due to fire or weather damage, you can claim those expenses. If you move more than 50 miles from home for a new job, you can deduct those expenses. The entire move isn’t deductible, but some expenses are.

Although this isn’t a complete list of deductions you take or credits you can claim, it’s a good starting point. Consult with a tax professional for more deductions and credits to get the maximum amount you’re entitled to.

Daniel Stoica Accounting Professional