Tax Info - Individual Income Tax Deductions

Taking the proper income tax deductions can save you a great deal of money on your taxes each year. While everyone knows that you can make deductions, most people are not familiar with exactly what you can deduct. Here are a few individual income tax deductions that you can make.

Charitable Donations

When you make a charitable donation to a qualified organization, you can deduct the amount straight from your income. This makes your taxable income lower, which in turn, makes your taxes lower. Common examples of qualified locations are churches, charities, and organizations like the Salvation Army that take donations. Anything that you donate, can be deducted off of your taxes.

Medical Expenses

Qualified medical expenses can be deducted from your taxes as well. While you can deduct some medical expenses, you cannot deduct them unless they are very sizable. In fact, you can only deduct expenses after it reaches 7.5% of your yearly income. Therefore, the amount that you can deduct will not be large unless you have some serious medical bills in a given year.

Mileage

You can also keep track of your mileage for business purposes and deduct it on your taxes. This can add up quickly as they give you an allowance for every mile that you drive.