If you’re married and file separately, this deduction is only $5,000. Property owners are able to deduct up to $10,000 for paid property taxes. This includes qualifying medical expenses that weren’t reimbursed and are over 10% of your gross income for the year. If you’ve had a major medical procedure or have been to the doctor a lot over the past year, you can write off some medical expenses. This also applies to cash donations to qualifying organizations. Charitable Donations DeductionĬharitable contributions are great tax write-offs at the end of the year.Įvery time you donate things like vehicles, clothing, and other items to a place like the Salvation Army, you can save the receipt and write it off. You also won’t qualify for this credit if you’ve made over $3,500 from investments over the course of the year. The credit amount will depend on how many kids you have, your marital status, and how much you make per year. If your adjusted gross income is below $56,000 this might be a credit to consider. This credit can be anywhere between $529 and $6,557 and is geared toward families with lower incomes. This credit doesn’t apply if the child you’re adopting is your spouse’s child.Īlso, those who are adopting someone with special needs are able to receive the full credit even if they spent less. In 2019, this number slightly increased to $14,080. In 2018, this credit gave you up to $13,810 for adoption costs for each child. Adoption Creditįor those who have decided to adopt a child, the incurred expenses and adoption fees can be credited. This will help balance out some of the costs you incur as a parent. You should note that the higher the income, the less money you’ll qualify for. This one can yield up to $2,000 for each child and $500 for every non-child dependent. Child Tax CreditĪnother great tax credit for parents is the Child Tax Credit. If you have two or more dependents, you can write off up to $6,000 of expenses. The credit you’ll receive totals 20% to 35% of up to $3,000 of expenses. This includes things like childcare and senior care and applies to children under 13, an incapacitated spouse or parents, and another dependent. If you have children of your own or take care of an elderly family member, you can receive tax credits for money spent on related expenses. This credit also doesn’t include the money you spent on living and transportation costs as a student. This credit allows you to claim 20% of $10,000 you’ve spent on tuition and school fees, for a total of $2,000. The third education-focused credit on this list is the Lifetime Learning Credit. However, this doesn’t include your living costs and transportation as a student. You’re able to claim $2,000 that you’ve spent on these items, plus 25% of the next $2,000 spent, totaling $2,500. This credit is also great for students who are paying for tuition, books, learning equipment, and school fees. These tax write-offs allows you to take off up to $2,500 from your taxable income. Student loan interest deductions are an excellent way for students and former students to save money.įor every dollar you spend paying interest on your hefty student loans, you’re able to deduct money. Health Savings Account Contribution Deduction Video Courses Free courses designed to help you earn more.Working Remotely How to succeed when working remotely.Productivity Tips and tricks to increase productivity.Gear & Supplies The best gear, training & education for gig workers.Sector-Specific Information Guides & tutorials for popular gig economy industries.Small Business Content In-depth guides for your business.Small Business 101 Learn the fundamentals of entrepreneurship.Employment Career & job-related information.Browse by Company Company-specific gigs & information.Side Hustles Make money, on your own terms.Tasks Quickstart Guide The basics of making money performing common tasks.Rideshare Quickstart Guide The basics of providing safe rides via rideshare services.Freelancing Quickstart Guide How to enter into the gig economy as a freelancer.Lodging Quickstart Guide How to get started renting your home on lodging platforms.Lifestyle Quickstart Guide An overview of lifestyle, care-related gigs.Delivery Quickstart Guide The basics of delivering food, groceries, and packages.Quickstart Guides Step-by-step guides to the most popular industries.Inspiration Resources, quotes and motivation to start your journey.Gig Economy 101 Everything you need to know about the gig economy.
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