Tax Deductions You Might Be Getting Wrong

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tax deductions 2020

Source: Vladimir Vladimirov / Getty

Overlooking that you’re head of the household

Maybe you don’t have children and you’re not married, but you financially support someone else. You could be the head of the household, and because of that, you could be entitled to a decent deductible. Even if you do have a child over the age of 18, if he or she is under the age of 24 and a full-time-student, he or she could qualify as a dependent. Or, if your child is under 19 and not a student, he or she could be a dependent. Given how many college students moved back home during the pandemic, more parents could be taking this write-off this year. In some cases, even your in-laws or step-family (from siblings to parents) could be your dependents if you pay the majority of the household expenses. Speak to your CPA and see if you qualify for this deductible.

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