While selling your structured settlements can be a good option for extra cash, it may be important to look for other ways to get some money in the bank, as well. With tax season in full-swing, having the right deductions may actually save you money, and see your wallet expand in only a matter of weeks. The deductions are meant to help you out, so you may be missing out on a big pay day by neglecting these options.
Home Deductions Can Help
You can get many deductions from your state or federal tax return just for owning a home or living in an apartment. These can add up quite a lot, and you could be set to get a nice check in the mail.
Rental tax deduction – Many states allow for a rental tax deduction, which can give you some cash just for paying your rent every month of the year. This can be a hefty fee, as long as you meet the total.
Energy tax credit – The federal government also allows for a tax credit if you take part in some type of energy efficiency initiative. One example of this is using solar panels for your property. With the country becoming more energy conscious, it could save you a notable amount on electricity.
Travel Deductions are Also a Possibility
If you travel to work, you could be set to get some money for your trouble. These can be beneficial, especially if you live in a city, or have to travel long distances to get to work every day.
Commuter tax deduction – Some states will offer a tax deduction if you use public transportation, so city dwellers who take buses and trains to work could be set to benefit.
Mileage tax deduction – If you drive often for work, your mileage may be able to receive a deduction. Just remember, log all of your mileage throughout the year to calculate how much you will get.
Remember, tax deadline day is April 15, so you will want to get your returns in by then. However, if the tax return is just too far away, it may be a good idea to look for other options, such as pre settlement funding. Quick cash is available if you consider getting cash for structured settlement payments.