NewsLocal News

Actions

Four expenses you can write off on your taxes

Posted at 7:10 AM, Feb 03, 2020

Here are four expenses you can write off on your taxes this year.

1.) Non-cash donations:
“Typically anything over $500 you have to prove. It is very important to start keeping track of those items because they can turn out great on your return and possibly give you a bigger refund,” said Ross.

2.) Teacher’s supplies:

“Our K-12 teachers can write off $250 of school supplies or anything else they bought for the classroom for the year,” said Ross.

3.) Gambling losses (For federal tax return):

“Gambling losses that can only be offset against your gambling winnings and they cannot exceed the winnings,” said Ross.

“Make sure you keep track of that anytime you gamble,” she continued.

4.) Wisconsin school property tax credit:

“That is going to apply for our renters and homeowners so make sure you obviously have a track of your rental payments or your property taxes and you can write that off on your taxes as well,” said Ross.

Report a typo or error