Tax deductions can be tricky to understand if you're new to the finance world.

One of the biggest sources of confusion is knowing what you can and can't deduct from your taxes. Deductions can be a massive financial boon for a lot of people, yet not everyone files for them correctly. This causes people to miss out on money that should be theirs. We'll go over some of the most common tax deductions that are overlooked, so you don't get shortchanged when Tax Day comes.

Charitable Contributions

When you start regularly giving to charity, even if the donations are small, you'll want to start getting itemized receipts for your donations. These receipts will help you write off these charitable contributions on your taxes. You can even write off supplies that you bought for use in a charitable cause or any miles you drove on your car while in service to a charity. Make those donations to the Purple Heart Pickup with an open heart, but make sure you get your deduction on top of that.

Student Loan Interest Payments

Student loans take up a significant amount of a lot of people's money. If you're one of these people, make sure that you get a deduction on the amount of interest you paid off in the last year. What's important to remember is that even if you aren't someone's dependent, you can write off the money someone else gave you to pay for said student loans. If someone else helped you pay off part of your loan, don't think that means you can't still get a deduction on that sum.

Child and Dependent Care Credit

If you have a reimbursement account through your job that pays for child or dependent care, you might be forgiven for forgetting about this particular tax credit. However, you can use these funds for a tax credit if you file for them correctly. This is hugely important because this is an opportunity to receive a full tax credit, not just a deduction. You're losing money you could be directly receiving if you don't file for this credit.

Jury Pay Given to Your Employer

A lesser-known tax deduction that often gets overlooked is the money you can deduct from jury pay you gave to your employer. It may not be the most exciting thing to come out of jury duty, especially after handing over any money you receive to your employer, but you do get to deduct however much money your employer made you hand over after you finished jury duty.

Credit for Saving

While this credit is more for people that are working part-time or for those that have a retired spouse, you can get a tax credit for contributing to a 401(k) or another retirement savings plan. This is also a great incentive for those that are just starting out in their careers and need another reason to start saving for the future.

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Over two years into the most momentous event in our lives the world has changed forever … Some of us have PTSD from being locked up at home, some are living like everything’s going to end tomorrow, and the rest of us are merely trying to get by. When the pandemic hit we entered a perpetual state of vulnerability, but now we’re supposed to return to normal and just get on with our lives.

What does that mean? Packed bars, concerts, and grocery shopping without a mask feel totally strange. We got used to having more rules over our everyday life, considering if we really had to go out or keeping Zooming from our living rooms in threadbare pajama bottoms.

The work-from-home culture changed it all. Initially, companies were skeptical about letting employees work remotely, automatically assuming work output would fall and so would the quality. To the contrary, since March of 2020 productivity has risen by 47%, which says it all. Employees can work from home and still deliver results.

There are a number of reasons why everyone loves the work from home culture. We gained hours weekly that were wasted on public transport, people saved a ton of money, and could work from anywhere in the world. Then there were the obvious reasons like wearing sweats or loungewear all week long and having your pets close by. Come on, whose cat hasn’t done a tap dance on your keyboard in the middle of that All Hands Call!

Working from home grants the freedom to decorate your ‘office’ any way you want. But then people needed a change of environment. Companies began requesting their employees' RTO, thus generating the Hybrid Work Model — a blend of in-person and virtual work arrangements. Prior to 2020, about 20% of employees worked from home, but in the midst of the pandemic, it exploded to around 70%.

Although the number of people working from home increased and people enjoyed their flexibility, politicians started calling for a harder RTW policy. President Joe Biden urges us with, “It’s time for Americans to get back to work and fill our great downtowns again.”

While Boris Johnson said, “Mother Nature does not like working from home.'' It wasn’t surprising that politicians wanted people back at their desks due to the financial impact of working from the office. According to a report in the BBC, US workers spent between $2,000 - $5,000 each year on transport to work before the pandemic.

That’s where the problem lies. The majority of us stopped planning for public transport, takeaway coffee, and fresh work-appropriate outfits. We must reconsider these things now, and our wallets are paying

the price. Gas costs are at an all-time high, making public transport increase their fees; food and clothes are all on a steep incline. A simple iced latte from Dunkin’ went from $3.70 to $3.99 (which doesn’t seem like much but 2-3 coffees a day with the extra flavors and shots add up to a lot), while sandwiches soared by 14% and salads by 11%.

This contributes to the pressure employees feel about heading into the office. Remote work may have begun as a safety measure, but it’s now a savings measure for employees around the world.

Bloomberg are offering its US staff a $75 daily commuting stipend that they can spend however they want. And other companies are doing the best they can. This still lends credence to ‘the great resignation.’ Initially starting with the retail, food service, and hospitality sectors which were hard hit during the pandemic, it has since spread to other industries. By September 2021, the US Bureau of Labor Statistics reported 4.4 million resignations.

That’s where the most critical question lies…work from home, work from the office or stick to this new hybrid world culture?

Borris Johnson thinks, “We need to get back into the habit of getting into the office.” Because his experience of working from home “is you spend an awful lot of time making another cup of coffee and then, you know, getting up, walking very slowly to the fridge, hacking off a small piece of cheese, then walking very slowly back to your laptop and then forgetting what it was you’re doing.”

While New York City Mayor Eric Adams says you “can't stay home in your pajamas all day."

In the end, does it really matter where we work if efficiency and productivity are great? We’ve proven that companies can trust us to achieve the same results — or better! — and on time with this hybrid model. Employees can be more flexible, which boosts satisfaction, improves both productivity and retention, and improves diversity in the workplace because corporations can hire through the US and indeed all over the world.

We’ve seen companies make this work in many ways, through virtual lunches, breakout rooms, paint and prosecco parties, and — the most popular — trivia nights.

As much as we strive for normalcy, the last two years cannot simply be erased. So instead of wiping out this era, it's time to embrace the change and find the right world culture for you.

What would get you into the office? Free lunch? A gym membership? Permission to hang out with your dog? Some employers are trying just that.

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Did you hear about the Great Resignation? It isn’t over. Just over two years of pandemic living, many offices are finally returning to full-time or hybrid experiences. This is causing employees to totally reconsider their positions.

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