Tax deductions can significantly reduce your taxable income, yet many taxpayers fail to take full advantage of them. Common deductions include those for mortgage interest, student loan interest, and medical expenses. However, there are also lesser-known deductions that could apply to your situation, such as those for home office expenses or charitable contributions.
One deduction that often goes unnoticed is the deduction for unreimbursed business expenses. If you are an employee who incurs costs related to your job that are not reimbursed by your employer, you may be eligible to deduct these expenses. Additionally, if you are self-employed, you can deduct a wide range of business-related expenses, from office supplies to travel costs.
To ensure you are maximizing your deductions, it’s essential to keep thorough records and receipts throughout the year. At Ephesus Tax, our team is dedicated to helping you identify and claim all eligible deductions, ensuring you pay only what you owe in taxes.
