What is Tax Deductible in Utah? By Fusion360Agency 04/18/2014 Salt Lake City News Taxes might as well be a foreign language for some people. That is usually why people tend to hire lawyers or accountants who specialize in tax planning to translate this foreign language into something they can understand. Lawyers and accountants in Utah might advise you to claim some of these tax deductions to save you a significant amount of money. Home Interest http://massrealestatelawblog.com/wp-content/uploads/sites/9/2013/01/mortgage-interest-deduction.jpg If you own your home and have a home loan, then interest that is paid on a mortgage is tax deductible if it is itemized on your tax return. When tax planning in Utah, it is important to know that you cannot deduct interest on a mortgage for a third or fourth home. Only for the main home and a second home can interest be deductible. Charity Donations http://www.efile.com/efile-images/Charitable-Contribution-Charities-efile.com.jpg Charity donations are considered tax deductible that can reduce your taxable income and reduce the amount of money you spend on your tax bill. Claiming this deduction requires you to itemize in order to claim any charity. Keep in mind that you need to keep organized records of your donations otherwise it will raise eyebrows with the IRS. Business Expenses https://www.grouponworks.com/wp-content/uploads/2013/09/What-Business-Expenses-Can-Be-Deducted.jpg These business deductions can be a little tricky, but getting help from a tax planning professional can simplify the process. For those who claim their home as a place of business and aren’t reimbursed for these business expenses, then you can consider those expenses tax deductible. Being careful and honest while filing your taxes is a good mind set to have. Colleges Expenses There are ways to deduct education expenses paid throughout the year for yourself, your spouse or any other dependents you may have. These expenses involve tuition and school related fees. These do not include personal or family expenses such as housing. The main benefit of having this deduction is that you can reduce your income up to $4,000. With all these tax deduction, you will be able to save yourself some money when you file your taxes.Ashley Waite is a writer for Fusion 360, an advertising agency in Utah. She writes content for York Howell and many other clients. Subscribe to get the best Salt Lake City stories delivered free right to your inbox. Yes Please! Thank you for subscribing!