26 Aug - Get to know the 15 tax deductions that benefit your taxes

1. Tuition and Fees Deduction: You can deduct up to $4,000 in tuition for qualifying higher education you paid for yourself, your spouse, or a dependent in 2016.
2. Cash Donations: IRS-approved cash donations to charities can be deducted for up to 50% of their adjusted gross income.
3. Noncash Donations: If you itemize your list, you can claim the fair market value of household items and clothing you donated.
4. Donating Time and Expertise: You can deduct the cost of gas and oil from trips to and from your volunteer locations.
5. Job Search Expenses: If you itemize your list, expenses incurred from your job search can be deducted such as transportation, printing, and mailing.
6. Relocating for a Job: If you meet the IRS distance and time tests after moving for a new job, you can utilize the moving expense deduction. This includes the costs of moving belongings and traveling to your new home and the cost of lodging for household members.
7. Tax Prep Fees: Whether you paid someone to do your taxes or you completed them on your own, you can include those fees in your miscellaneous tax deductions list if the fees total more than 2% of your adjusted gross income.
8. Home Renovation Deduction: Typically, expenditures for home improvement are not deductible. However, if the improvements made are for medical purposes, you can deduct those renovations as medical expenses.
9. Home Business Expenses: Expenses incurred while using your home as the primary location for your business can be deducted.
10. Business Travel Expenses: You may be able to deduct expenses incurred during business travel that were not reimbursed by your employer.
11. Educational Expenses: Up to $2,500 can be deducted for students who attended post-secondary education for four years under the American Opportunity Tax Credit.
12. Hobby Expenses: If you suffered a net loss from a hobby, it may be deductible.
13. Safety Deposit Box: Safety-deposit box fees for storing documents related to tax investments are deductible.
14. Gambling Losses: Losses from gambling may be deductible up to the amount of gambling income you reported.
15. Theft and Disaster: Household items and vehicles that are not covered by insurance are deductible.