Many people want to save money on taxes or at least, they can pay it when the time comes. The key point to get tax benefits is by knowing several tax deductions that you may not realize it before, especially if you are single. There are numerous possible tax deductions available for single that can be used optimally.
- Every single person gets tax deduction of more than $5,000 automatically. If you are head of household, you will receive more reduction for about $8,000. You can claim yourself as the head of household if you contribute for more than half of financial support of the household or you responsible for minors within the household.
- Education fee is the other deduction that you can claim. For many students, they have to pay back the students loan at the end of the school or university year. You can get additional reduction for educational and medical expenses and transport cost. Therefore, if you ever purchase books or bus tickets for your school needs, you write it when you fill your tax return.
- Because of the numerous go green campaigns in recent years, you can get tax break based on go green activity or properties that is easier to obtain by single. For example, you have hybrid car or house with friendly environmental concept.