10 Things You Should Never Deduct From Your Taxes


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8. Social Security Taxes

Social security

You cannot deduct Social Security taxes when filing your income tax return. Why? Well, the Federal Insurance Contributions Act, or FICA, is what funds your Social Security benefits. Unfortunately, FICA taxes are not deductible.

If, however, you had more than one employer during the taxable year and your total earnings were over the wage base limit for the year, you likely overpaid FICA taxes. If that is the case, you may be entitled to a refund or tax credit.

7. Donations That Weren’t in Good Condition When You Gave Them

donations

If you thought you could donate anything old thing and deduct those items from your taxes, you might want to think again.

According to a Consumer Reports article, the IRS aims to end junk donations by forbidding the donation of furniture, clothing and other household goods that weren’t in good condition when they were given away.

There is an exception to this rule, however. According to IRS.gov, “you can take a deduction for a contribution of an item of clothing or a household item that isn’t in good used condition or better if you deduct more than $500 for it, and include a qualified appraisal prepared by a qualified appraiser and a completed Form 8283, Section B.”

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