4 Tax Loopholes You Can't Afford to Miss

Written By:
Haley Sacks
(aka Mrs. Dow Jones)


It should be illegal that we go from fun, flirty holiday season to... Dry January and Taxes. But don't fret Future Rich Person, I'm here to help you submit your returns in as pain-free a way as possible! (And keep as much money as possible...)

#1 — Donations

Tally up all of those $5 donations you made at checkout & Goodwill drop-offs because those are tax-deductible, baby!

#2 — Tax Credits

There are SO many credits available that many taxpayers don't even know about. Some of the biggest tax credits people miss are the Saver's Tax Credit (yes, get credit for saving money!), American Opportunity Credit (designed for eligible students participating in an education program higher than high school), and Child Tax Credit (claim those kids, parents!)

#3 — Art Tax

If you donate art to a charity (and that charity uses the artwork for charitable purposes, such as auctioning it off and then keeping the cash to help people), you should receive a full tax deduction for the value of the piece you donated. It pays to be cultured!

#4 — 401k's

If you're contributing to a 401k, do not forget to specify this when you're filing your taxes! This is one of the biggest tax breaks you can get as it lowers your taxable income.

And if you end up getting a huge refund this year, make sure you're contributing it wisely! Take my Let's Invest course to learn everything there is to know about investing.