You may or may not have heard: “You can write that off” or “Yea, I think that is deductible”. However, the phrase “Taxes are the worst thing known to man. I hate taxes” has been said many times. A common misconception is that tax deductibles are only really accessible for affluent households or taxpayers. This is actually far from the truth. There are many credits for middle and lower-income taxpayers— including Student Workers.
That being said, it is beneficial to have tax deductions or “write-offs” because they lower your taxable income (the amount you are required to pay) and allow you to pocket the money qualified towards these “write-offs”. So, there are many different ways to reduce your taxes, but most people are not aware of them; it is a common estimate that there are around a billion dollars of unclaimed tax refunds held by the IRS. Among the most common tax deductibles are charitable donations, medical expenses, and home equity loans. Stay tuned for a post explaining a student loan deductible by FICA.
On another note, if you need help with your taxes, check out our blog post.
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