Tax year is unavoidable and vital to society, in order to avoid mistakes and high taxes; it’s time for you to find another strategy how you can lower your taxes this year and pay less for the next tax year.

After the submission of your previous tax return information, you may review it because maybe there’s another way to improve your tax liability for the next tax filing. By doing this, you should always remember to avoid common tax mistakes and overlooked deductions.

Deduction Opportunities

Several taxpayers are aware that contributions to charities are deductibles; some of them forgot that they can also deduct the mileage expenses using their own car while conducting charitable activities. The granted amount per mile is 14 cents and don’t think it’s useless, even small amounts can add up.

Now that we’re talking about mileage deduction, travel expenses for medical purposes are also deductibles. When visiting your doctors, mileage, parking and toll road fees, you can deduct these expenses on your tax return.

Trips on seeking a financial advisor are also included on mileage expenses. Just remember to make a write offs regarding the fees paid to your financial advisor together with any magazine and subscription. Here’s the important thing if you don’t itemize, you are still allowed to deduct property taxes along with the sales and excess tax paid for the new purchased vehicle.

If you reached 65 years of age, another small tax benefit is given. In case you are not itemizing, the standard deduction goes up at the age of 65. For single and under 65 the standard deduction is $5,700, and for those 65 and above the standard deduction increases to $7,100. For married couples and age 65 and above the standard deduction goes up by $1,100.