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Tax Deductions that Might be Over Looked this Tax Season

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For tax payers all over the nation, tax season is a stressful time; especially when tax laws change every year. There are many deductions that are available through filing taxes that many people seem to miss due to the confusion in laws. Here are some that one might want to give more attention to this 2016 tax season:

Mortgage Interest. With the housing market rising a lot of homeowners are refinancing or taking out home equity loans to pay for their homes. Any points that a borrower pays on the loan directly, including mortgage interest, are deductible. However, if the loan is solely for home improvements then the points can be deducted all at one time.

Social Security Tax. You might be paying too much in Social Security Tax this past year. According to an article by the Tampa Bay Times, the maximum that can be withheld for a whole year is just over $7,000. Any extra money paid in this tax can be claimed as credit.

Student loans are a big deduction. If a student takes a loan out in his or her name, then they can get a deduction for up to $2,500 for interest payments when they graduate, even if parents are helping pay off the loan.

Tax deductions might seem tedious, but they could save a borrower a lot of money. Check all the possibilities, itemizing taxes could be beneficial for you and get a lot more money deducted from your 2015 taxes.


We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Work cited:

Tax laws change, making it easy to miss helpful deductions (Tax laws change, making it easy to miss helpful deductions)

http://www.tampabay.com/news/business/personalfinance/tax-laws-change-making-it-easy-to-miss-helpful-deductions/2218581

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