Every year, there are several tax deductions that many people do not take simply because they have no clue that they exist. Often they only learn about a deduction that they could have taken weeks after they filed their taxes while in the middle of a conversation with a colleague or a friend. It's completely understandable that most people don't know about too many of the deductions that they can legally claim. Because there are too may tax laws to take note of, there are also various deductions associated with them. Unfortunately for some reason, the outrageous ones that people claim, like deducting donated body parts, are not legally accepted by the IRS. Fortunately, there are still many other deductions that you can claim on your tax return. Below is a short list of three.

First, be sure to reflect donations to any non-profit organization, other than cash, in your tax return. Donations charged to your credit card are also included in this stipulation. Bear in mind that the deduction must be claimed on the year the donation was made, and not when the credit card charge was finally paid.

You should also make sure that you have evidence of the donation and you can get this either from the charitable institution or your credit card company. This deduction not only applies to charges made on your credit card, but also to actual items given to a non-profit organization. So if you decide that instead of having a yard sale you will simply donate all of your furniture and old clothes, go ahead. It is all deductible to a certain extent. The only thing you will definitely want to do is make sure that you get a written receipt from the charity. If you get audited without a receipt, then you have no chance of claiming for those deductions. Another significant thing to remember is to ensure that items donated should be in good condition, otherwise, you will be disqualified from claiming for these deductions.

A home refinance will entitle you a deduction equivalent to a certain percentage of the new points earned. If on June 1st you have refinanced your home for a 20-year term, you can actually claim for deductions equal to 7 (June 1 - December 31) of the 240 months. If the new points necessitate you to pay $2,400 for the whole term, you may actually deduct $70 for that year, or $10 for each month. In the same manner, until the $2,400 will be fully paid, you can deduct $20 per annum within the 20-year term.

Here's one that several people miss simply because there are special criteria that must be met in order to take the deduction. You can deduct your health insurance premiums, as long as you meet certain qualifications. Yes, rather than paying for them, you may deduct health insurance premiums depending on how old you are. This could also even include premiums that are for long term care. Just do not forget to add these to your total account of medical expenses. That total should also be over 7.5% of your AGI, your adjusted gross income, before you'll be able to claim the deduction or tax benefit.

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