"Are You Missing Out? The Tax Deductions Most Often Overlooked"

Financial Horizons: Insights for Building Wealth and Securing Your Legacy

By Dr. Jose G. Cardenas, Chief Tax Strategist at The C & R Group, LLC

When it comes to filing taxes, most people aim to keep things simple. But simplicity often comes at a cost—missed deductions. Every year, taxpayers leave money on the table because they don’t fully understand what they’re entitled to deduct. Whether due to oversight, misinformation, or fear of an audit, these missed opportunities can make a significant difference in your financial strategy.

Let’s explore four commonly overlooked deductions that could be costing you:

1. Home Office Deduction

With the rise of remote work and entrepreneurship, more taxpayers are eligible for the home office deduction than ever before. But many avoid claiming it out of fear of triggering an audit. The truth? If you're eligible and keep accurate records, there's no reason not to take advantage of this deduction. It applies whether you’re self-employed or a freelancer and covers a portion of your rent, utilities, internet, and more.

2. Education Expenses

If you’re investing in continuing education or certification relevant to your trade, those costs may be deductible. Even student loan interest is deductible up to $2,500 a year, subject to income limits. Lifelong learning can provide professional value—and tax relief when filed properly.

3. Medical Expenses

Many assume medical expenses are too limited to be useful. But if your unreimbursed expenses exceed 7.5% of your adjusted gross income, they may be deductible. Think beyond doctor visits: dental work, prescriptions, mental health services, and even travel for treatment may qualify.

4. Charitable Contributions

Cash donations are just the beginning. Don’t forget in-kind donations like clothing, furniture, or even mileage driven for charitable work. Proper documentation is essential, but when tracked correctly, these contributions can significantly reduce your taxable income.

Final Thought: Don’t Let Uncle Sam Keep More Than He Should

Tax season is more than just compliance—it’s an opportunity. Overlooking deductions not only affects your bottom line today but also your ability to build long-term wealth. A strategic approach to tax planning ensures you maximize deductions legally and responsibly.

If you’re unsure whether you’re leaving money on the table, it’s time to consult a tax professional who can help uncover every opportunity available to you.

About the Author
Dr. Jose G. Cardenas is a retired U.S. Army Finance Officer and the Chief Tax Strategist at The C & R Group, LLC. With a Doctorate in Business Administration and over 20 years of experience in financial strategy, tax planning, and life insurance, Dr. Cardenas helps individuals and business owners protect their wealth and build a legacy. Learn more at www.thecrgroupllc.com.

📌 Disclosure: This article is for educational and informational purposes only and is not intended to serve as personalized legal or investment advice. Dr. Jose G. Cardenas, DBA, provides tax advisory services through The C & R Group, LLC. Insurance strategies, including Indexed Universal Life (IUL) and annuity products, may be offered through his role as a licensed financial professional affiliated with Experior Financial Group.

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