The end of the year is closing in. That means it will be tax time before you know it. Here are just a few deductions that you may not have thought about but don’t want to miss.

1. Safety Deposit Box – when it is used to store your tax papers then it can usually be deducted from your income taxes.

2. Office Space for Self Employed – if you have an office in your home then you can deduct a percentage of your home expenses (mortgage interest, utilities, house cleaning, maintenance, water, supplies). Bring all of your receipts (preferably totaled up in categories) to your accountant so that the exact amounts can be figured up. You will also need the square footage of you office space and also the square footage of your home.

3. Gambling losses – you are able to deduct the amount that you lost up to the amount that you won. This at least balances out your winnings and keeps them from pushing your income limit up a tax bracket.

4. Moving expenses – when you have to move more than 50 miles for your job you are able to deduct the expenses involved with the move.

There are so many opportunities for tax deductions today. Just take a little time to talk over options with your accountant and even do a little research of your own so that you don’t miss out on any of the opportunities available to you.