Posted by Nancy Hecht, CFP®, AIF®
These tax breaks are still available to you even if you don’t itemize. I believe you should use every legal means possible to lower your tax bill. Look to see if any of these apply to you.If you are a teacher and spend your own money for supplies for your classroom, you can write off $250.00 of that out-of-pocket expense.
If you have used after tax dollars to fund your health savings account, you can take an above the line deduction.
Divorced & paying alimony? As long as your alimony payments are spelled out in your divorce decree, you can deduct them.
Retirement account deposits to a traditional IRA may be deductible. As long as you contribute within the limits, you can make a 2015 IRA contribution up until 4/18/16.
Don’t pay more than you have to in federal income tax – look to see if any of these deductions apply to you.