Your Money: Little-known tax deductions - 13 WTHR Indianapolis

Your Money: Little-known tax deductions

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Dr. Matt Will Dr. Matt Will
INDIANAPOLIS -

As you prepare your taxes, there are deductions you may not be aware of that could land you more money in a refund.

Everything from pets to summer camp can be claimed under the right circumstances.

"You can deduct the cost of moving the family pet because it's property and moving expenses are covered," says Dr. Matthew Will, associate professor of finance at the University of Indianapolis. Will adds, "People forget that moving expenses are covered."

There are a number of deductions tax preparers tend to forget, and understandably so. The rules change from year-to-year and it can be confusing to keep up.

Reinvested dividends, out-of-pocket charitable contributions and student loan interest paid by parents are among the examples. See the 12 most often overlooked tax deductions.

If you've incurred expenses looking for a job, that may be covered, says Will. "Medical expenses are still deductible up to a limit of course," reminds Will.

What about Girl Scout cookies? Yes and no, according to the Girl Scouts website.

Will recommends checking with a tax preparer. And even if you've already filed, double-check your work. You can file supplements to add deductions.

Will advises, "People get deductions in the past and they weren't allowed to take. You can carry those forward. If you couldn't take a deduction last year, you might be able to take it this year."

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