With each passing year, it can often seem like the process of tax filing becomes more convoluted and complex. New changes, deductions and credits are constantly being introduced and staying on top of these details can be a full-time job. Most people lack a solid understanding of all of the items that can be claimed at tax time and lose out on the opportunity to save more money.

If you find yourself asking “what can I pay tax on?” and “what can I deduct each year?” then it can help a lot to consult with a tax professional or an accountant. However, it is also a good idea to read up on some of the details by yourself to have a general understanding of the process. Learning more about tax calculator will also allow you to ask questions or bring up items that you think you will qualify for that your tax agent may not think to ask you about.

Let’s look at five specific deductions that can help you save money and are often forgotten at tax time.

1. Home Office Expenses

If you work from home either as part of your full-time job or a part-time side gig, then you are likely able to deduct some of the expenses of maintaining your home office. If you work entirely from home, then you are also entitled to other deductions based on the area of your home that is dedicated to this purpose. This is known as the “occupancy cost” deduction.

These expenses can include the cost of your computer, office equipment and furniture and even the cost of lighting and heating your environment.

2. Work-Related Car Expenses

On the other hand, if your vehicle is an integral part of your work, then you are eligible for deductions related to this. Fuel costs and maintenance and repair bills are usually deductible. This can include driving between offices, though not for commuting, as part of your everyday work responsibilities or for making deliveries.

To claim these expenses this year, you need to own the car that you use for this purpose.

3. Donations Deductions That Are Often Forgotten At Tax Time

If you have generously donated to charities or other organisations throughout the year, then you are eligible to claim these amounts. The only conditions that apply are that the donation needs to be more than two dollars and you need to present copies of the donation receipts.

4. Union Membership Fees

Since union membership is a work-related expense, there are special deductions for these fees. It is worthwhile to claim these amounts to offset some of the cost of belonging to a union. These deductions also apply to professional membership bodies that may be related to your profession.

5. Tax Agent Fees

Interestingly, you are able to claim the expenses that you pay in order to have your taxes filled in and submitted. However, you will be claiming the amount that you paid last year when you file taxes for this fiscal year. With this incentive, it is worthwhile to consult with a tax professional to determine if you qualify for even more deductions and to make sure that your taxes are completed properly.

Consult With Your Tax Professional For More

To maximise your deductions and save money each year, the best thing to do is to take your tax information to a registered professional. Accountants and tax agents are well-versed in the possible deductions that you may qualify for and will be able to guide you to make the best decisions when it comes to filing your taxes.