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Tax Returns: Cash in on Tax Savings

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(Photo: alfexe / iStock / Thinkstock)

What’s your New Year’s resolution? Is it to learn how to get the most out of your tax returns?

Okay, perhaps that’s not your New Year’s resolution. But the 2018 tax season is upon us, and while the deadline to file isn’t until April, it’s never too early to start thinking about how you can save money.

Still not convinced?

According to TurboTax, there are a number of tax deductions that many people don’t know exist or overlook in their haste to file on time. Here are three to keep in mind and help motivate you this tax season.

Tuition

Most people know that tuition is deductible for full-time students, but did you know that you could be eligible even if you aren’t working toward a degree? A lifetime learning credit of 20 percent of up to $10,000 of tuition and fees might be available to you.

Mileage

Whether you’re self-employed or an employee, you can deduct your mileage if you use your vehicle for business purposes. Mileage used when driving between more than one job is also deductible.

Bad Debts

It’s a rough day when you loan your friend $10,000 and he or she disappears without a trace. Not all is lost; up to $3,000 of that is deductible as a short-term capital loss in the year the debt becomes uncollectible.

AAA members can save on TurboTax federal products. Learn more here.

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