Commonly overlooked tax deductions and credits.

Now is the perfect time to begin thinking about the tax-deductible expenses you paid last year. Gather your receipts to help you make an impact on taxes.

Don’t panic if you have not yet filed your taxes. We can help you get started today. It will ask you a few questions to determine if you are eligible for any tax credits or deductions based on your tax situation. Live tax professionals are available year-round in English and Spanish. They can review, sign, file, and even sign your tax return. Or, you can hand over your taxes to them.

TurboTax will provide you with the tax credits and deductions you are eligible for. Here are 5 money-saving tax credits and deductions to remember when you begin gathering receipts for tax time.

1. Education expenses: There are two types of education credits available: the American Opportunity Tax Credit and the Lifetime Learning Credit. The American Opportunity Tax Credit can be used to pay for expenses incurred during your first four college years. It is worth up $2,500. Even if you don’t plan to pursue a degree, the Lifetime Learning Credit is worth up $2,000 per tax return. You must include lab fees and books, even if you rent books from sites like Chegg.
2. Camp for Your Kids If your children are younger than 13, you may be eligible for the Child & Dependent Care Credit. This credit is available if you take your children to a daycare program, before and after school care program or day camp to work or actively seek work. Child tax credits are not available for overnight or sleepover camps. Based on the cost of childcare, this credit reduces your taxes dollar for dollar. For the tax year 2021, the American Rescue Plan has made major changes to the Child and Dependent Care Credit. The maximum expense limit was increased to $3,000 for one qualified individual and $8,000 for more than one. It is now $16,000 for more than one qualifying person.
3. Insurance for Health: Self-employed persons can take a tax deduction on the premiums they pay for their health insurance. If you can list your deductions, premiums for health insurance paid after taxes are tax-deductible.
4. Medical expenses: Medical expenses (at 18c per mile) may be deductible if they exceed 7.5% in 2022. You can also itemize your tax deductions. If your doctor recommends purchasing or maintaining a swimming pool or exercise equipment, they may be tax-deductible as a medical expense.
5. Charitable Contributions If you have made any donations, regardless of how small, keep your receipts handy as you might be able to deduct them. Although it is easy to forget how small your contributions to different races or walks are, they add up quickly. Volunteer time cannot be deducted, but 14 cents per kilometer can deduct travel expenses. Tolls and parking fees can also be deducted. Remember that you can deduct $300 in cash donations if you claim the standard deduction. This amount will increase to $600 for married couples filing jointly and $300 for others filing statuses starting in 2021.