Despite the fact that many single women don’t have as many tax deductions available to them as married women, there are still plenty of opportunities to save when tax day arrives. By following a few simple tips, single women can make the most of their deductions and reap the highest tax benefits.
Consider Your Filing Status. Eligible single women can save big money on their taxes by filing as Head of Household. Head of Household status means that the filer has paid more than 50 percent of all expenses associated with keeping up a home and has supported at least one dependent for at least six months out of the year. Single mothers can get a sizable tax break by filing as Head of Household as opposed to filing as single. Single women who have no children, but whom have cared for a dependent parent or family member, can also qualify for Head of Household status.
Capitalize on Deductions. Deductions such as interest paid on student loans, health care expenses (such as co-payments and prescription costs), and dental treatments (such as braces) can add up to a nice tax return at the end of the year. Job-related expenses, such as cell phones required for business use and work-related vehicle mileage, are also deductible. The purchase of job-related tools or uniforms can also be used as deductions as long as you have documentation to support the deduction.
Charitable Contributions. Charitable donations made throughout the year are yet another way single women can increase their tax benefit. Even small amounts, such as $5 or $10, placed into the offering plate each week at church, or small monthly contributions to the United Way can go toward a tax break at the end of the year. Clothing or no longer needed household items donated to Goodwill or the Salvation Army are also eligible deductions. It is important that a receipt is obtained when donating these items (with the exception of the church offering) as proof of the donation.
The IRS isn’t particularly generous to single taxpayers, but if you follow these few simple tips you should be able to make the most of your tax season!