Get Common Tax Deductions Working For You

There are a good number of common tax deductions that you could be eligible for and not even know it.

Time to roll up your sleeves and get serious about tax savings, are you ready?

Have you paid for prescriptions and or medical supplies for yourself or a family member?

You might not even be aware that you can claim some of these expenses as a medical expense tax deduction. Check out the list to find out.

Did or do you or a family member attend post secondary schooling?

It may surprise you that some of these frequently paid expenses can be subtracted from your income therefore reducing the amount of taxes that have to be paid.

Standard tax deductions include contributions, fees and donations paid to various corporations, organizations and institutions.

One of the most sought-after common tax deductions is the Child Care Tax Deduction. If you have a child or children that require a babysitter of sorts and you or your spouse work or go to school, you are most likely entitled to this tax deduction.

Are you contributing to an RRSP?

Do you or your spouse donate to a charity, church or school? For more information check out the charitable tax deductions page

Or maybe you have an old car that you are not using and it’s taking up valuable space, you might want to check out the details of the car donations tax deduction to see if this is something you want to take advantage of.

An additional common deduction worth claiming is moving expenses.

Realistic amounts that you have paid for moving yourself, your family and your household effects can be deducted as moving expenses. Of course, certain stipulations do apply.

These are just a few of the common tax deductions that can be beneficial to your financial situation, whatever that may be.

By increasing your knowledge and utilizing the deductions you are entitled to you'll have peace of mind knowing you are doing everything in your power for you and your family from a tax deduction point of view.

Keep in mind that it is a great idea to save your receipts because you never know when they will come in handy.

It’s also a good idea to sort and file them into categories so when it comes time to go through them it will be a much simpler and more convenient process.

You will find many more standard tax deductions that may possibly suit your lifestyle in the pages to come.

Return from Common Tax Deductions to Tax Deductions