Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

Top 9 Most Hassle-Free Deductions on Taxes

August 30, 2022 · Taxes
tax deductions
Photo by docent from Shutterstock

State tax that you paid for last spring

If you owned any sort of taxes when you filed for the 2021 state tax return, you have to remember to include the amount with your state tax itemized deduction when it comes to your 2022 return, besides the state income taxes that were withheld from your paychecks.

Starting with 2018, the deduction for state and local taxes can be limited to a maximum of $10,000 a year.

A horizontal diagram showing the relationship between upfront mortgage points and long-term interest savings over a timeline.
This infographic illustrates the journey from upfront refinancing costs to a break-even point and long-term savings.

Refinancing mortgage points

When you decide on buying a house, you can deduct all the points paid on the mortgage at once. Even so, when you refinance a mortgage, you have to deduct the points on the new loan.

This means that you can deduct 1/30th of the points in a year if you have a 30 years mortgage, which is $33 a year for every $1,000 of the points you have paid.

If you enjoyed reading this article, we also recommend reading: 7 Ways To Get Free Home Repairs (Bonus Free Discounts!)

Pages: 1 2 3 4 5 6 7 8 9

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

3 comments on “Top 9 Most Hassle-Free Deductions on Taxes”

  1. Art says:
    January 12, 2023 at 10:35 pm

    Not this pertains to this article, but when is a dog considered a domestic animal and a cat isn’t in Ohio and require a license.

    Reply
  2. Buck says:
    January 12, 2023 at 3:08 pm

    Can you really deduct reinvested dividends from your income tax?

    Reply
  3. Shirley Sturgis says:
    January 12, 2023 at 12:17 pm

    Thank you for sharing this informative information !!!

    Reply
Se încarcă comentarii...

Nu mai există comentarii de afișat.

Search

Latest Posts

  • A close-up shot of a debit card being declined at a grocery checkout terminal with vegetables in the background. 10 Signs Your Bank Has Flagged Unusual Account Activity
  • A warm, candid 35mm film photograph of a grandfather, mother, and young child sitting together on a living room sofa in soft afternoon sunli 10 Signs You Should Ask the SSA About Family Maximum Benefits
  • An older couple sitting at a wooden kitchen table with two distinct folders, reviewing documents in warm, natural light. 7 Signs You Should Keep Finances Separate in a Later-Life Marriage
  • An editorial gouache illustration of a winding pathway with milestone signs for ages 50 through 73, symbolizing the retirement journey. 7 Birthdays That Change Something Legally or Financially in Retirement
  • Gouache illustration of nine pathways leading from a single house to alternative retirement housing options. 9 Retirement Living Arrangements Beyond the Traditional House
  • A woman sits on her living room floor surrounded by shipping boxes, holding a receipt and reviewing a purchase for a potential return. 7 Store Return Policies Worth Knowing Before You Shop
  • A retired man in his late 60s working happily at a sunlit home office table with a laptop, notepad, and coffee. 10 Encore Careers Retirees Are Loving Right Now
  • An active retired man happily working in his sunlit home greenhouse, surrounded by plants and tools, with his planner nearby. The Social Security Earnings Test: Know This Rule Before Working in Retirement
  • An ink and watercolor illustration of a senior couple happily engaging in physical therapy exercises surrounded by warm botanical accents. The Medicare-Covered Therapies Retirees Often Don't Realize Are Included
  • An older couple sitting at their sunlit dining table casually reviewing financial documents together. How a Second Marriage Can Quietly Change Your Retirement Plan

Newsletter

Get money-saving tips and personal finance advice delivered to your inbox.

Related Articles

tax burdens stealth return

7 States With Largest Tax Burdens for Middle-Class Families

A concerned couple reviews financial spreadsheets in their kitchen, reflecting the growing tax pressures facing…

Read More →

Did You Know About These 5 Veteran Tax Breaks?

A smiling veteran couple reviews exclusive tax breaks on a tablet while relaxing on their…

Read More →
Tax credits, reduce, veteran, climate return

8 Legal Ways in Which You Can Reduce Your Taxes

A hand inserts a coin into a slot, surrounded by icons for housing, healthcare, and…

Read More →
retirees

Moving Abroad? These 9 Countries Don’t Tax Retirees at All!

8. Belize Like other Central American entries on this list, Belize boasts benefits such as…

Read More →
Kamala Harris taxes

Will Kamala Harris Raise My Taxes?’ Let’s Find Out!

Vice President Kamala Harris revealed some of her ambitious proposals as part of a future…

Read More →
A graph showing the comparison between a standard deduction amount and itemized deductions for a retired couple, illustrating which option results in lower taxable income.

10 Overlooked Tax Deductions for Retirees

7. Charitable Contributions of Appreciated Stock We have already discussed cash donations through a QCD,…

Read More →
social security, Social Security task

Who Will Receive Social Security Payments on June 10, 17, and 24?

Tips for Beneficiaries in 2026 If you receive Social Security benefits, here are a few…

Read More →
tax documents

7 Important Tax Documents to Never Throw Away

Hands carefully sorting through an accordion file folder to ensure important tax documents are organized…

Read More →
Risograph illustration of an hourglass with golden sand representing retirement funds, with a calendar pointing to age 73.

Why Your Required Minimum Distribution Might Be Bigger Than You Think

Discover why your required minimum distribution might be larger than expected and learn practical tax…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.