🚀 Module 1
The Most Overlooked Tax Deductions and How to Claim Them.
– Free
Overview
- Many taxpayers miss out on deductions that could significantly reduce their taxable income. This module will highlight commonly overlooked deductions and provide guidance on how to claim them.
Key Points:- State Sales Taxes
- Reinvested Dividends: While not a deduction, understanding that reinvested dividends increase the tax basis of your stock can prevent overpaying taxes upon sale.
- Out-of-Pocket Charitable Contributions: Small charitable expenses, such as ingredients for meals prepared for a nonprofit organization, can be deducted.
- Student Loan Interest Paid by Others: If someone else pays your student loan interest, the IRS treats it as if you paid it, allowing you to deduct up to $2,500.
- Moving Expenses for First Job: If you moved more than 50 miles for your first job, you might be eligible to deduct moving expenses.
