Welcome to my blog, all you lovely people who are interested in saving money on taxes. As a financially savvy person, I know how important it is to keep track of tax-deductible expenses. That’s why I have compiled a list of top tax-deductible expenses you should be tracking. Let’s get into it! 💸💰

Home Office Expenses

With the pandemic, work from home has become more common than ever. If you are someone who uses a home office exclusively for work, you can claim a tax deduction for certain expenses, including a portion of your rent, mortgage interest, property tax, utilities, and home insurance. Keep in mind that the home office must be a separate area of your home that is exclusively used for business purposes.

🏡👩‍💻👨‍💻💼 A home office with a computer, desk, and other office supplies

Mileage Expenses

Mileage expenses can add up quickly, but luckily, you can claim a tax deduction for them. Whether you are a business owner or an employee who drives for work, you can claim a tax deduction for the cost of business-related transportation, including mileage, parking fees, and tolls. Make sure to keep track of your mileage and other transportation expenses by logging them in a mileage tracker app.

🚗📈💰⛽️ A car on a highway with the odometer and gas meter visible

Business Travel Expenses

Are you someone who travels frequently for business purposes? Good news! You can claim a tax deduction for your business travel expenses, including airfare, lodging, meals, and transportation while on your trip. Just make sure to keep track of all your receipts and expenses related to your business trip.

✈️🧳🍽️🚕 A person with a suitcase at an airport, and a travel itinerary on a phone

Charitable Donations

Giving to charity is not just good for the soul, but it also comes with tax benefits. You can claim a tax deduction for any charitable donations you make throughout the year. Keep track of the donations with receipts and make sure the organization you donate to is recognized by the IRS as a tax-exempt charity.

🤝💸🗞️📜 A person donating money to a charity with a receipt

Education Expenses

Are you looking to improve your skills or continuing your education? You can claim a tax deduction for certain educational expenses, including tuition fees, course materials, and travel expenses related to your education. The expenses must be related to your current or future profession, so make sure to keep track of what qualifies as a tax-deductible educational expense.

👨‍🎓📚📈💼 A person studying with books and a laptop

Medical and Dental Expenses

If you have high medical and dental expenses, you may be able to claim tax deductions for them. Keep track of all your medical and dental bills and expenses (including prescriptions). But make sure the expenses exceed 7.5% of your adjusted gross income in order to claim a tax deduction.

🩺💊💉🏥 A person in front of a medicine cabinet with medical bills spread out in front of them

And there you have it, folks. These are the top tax-deductible expenses you should be tracking. Remember to keep receipts, logs, and other documents for all your tax-deductible expenses to make the process much easier during tax season. Happy saving! 💰💸👍

A piggy bank with coins and banknotes overflowing the top