Common tax deductions you might be missing

Check out a few of these tax write offs that may apply to you.

If you are planning to prepare your own taxes, a little tax planning ahead of time will help before you sit down to complete the paperwork. Don't miss out on these possible deductions to get the most from tax-filing time. Here are a few things to consider.

State income tax deduction

Not all states collect state income taxes. If your state does require it, be sure to keep track of:

  • State and local sales tax paid (if your state doesn't have income taxes), and
  • Sales tax on a boat, car or plane paid during the tax year. Check limits outlined in the new tax law.

Homeowner tax deductions

If you own a property or home, be sure to keep track of:

  • Refinancing mortgage points and interest paid,
  • Real estate taxes paid,
  • Mortgage interest for a home-equity loan paid, and
  • Home energy-related improvement amounts paid.

What medical expenses are tax deductible?

Many health related and medical expenses are deductible. Here are a few.

  • Year-end exams,
  • Dental exams,
  • Eye exams,
  • Routine blood work, and
  • Medical procedures.

Important things to remember at tax time

Whether you decide to complete your taxes on your own or hire a professional, always be sure to keep thorough records so filing taxes is easy every year. As you clean out old paperwork, some documents should be saved, others may be shred. It's important to keep what's truly needed. If you ever have tax questions, it's always a good idea to consult a tax professional.

Use these helpful calculators to help you plan and take control of your budget.

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The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.

Neither State Farm nor its agents provide tax or legal advice.

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