We have less than two weeks left to file our taxes, and there are lots of items we can write off this year. The newest deduction is medical expenses. Bills that add up to at least 7.5% of a patient's income can be deducted from taxes. Real estate taxes and sales taxes are also just a couple items among dozens of deductions we can itemize.
"Gambling losses, safe deposit fees, union dues, occupational expenses. There's various miscellaneous deductions that qualify," says Glenn Greenberg, President of Professional Accounting and Tax service in Rockford.
One mistake to avoid, is waiting to pay taxes because you've filed an extension.
"An extension does not extend you the right to pay your taxes at a later date. It extends your time to file," says Greenberg.
So even if we don't have time to file, we still have to pay any income taxes we owe by April 17th.
Click on the video link to learn more tips on filing taxes.