When you’re eligible, claiming tax deductions can be an effective way to reduce your tax burden. If you don’t know certain tax deductions exist, you can find it challenging to identify their available deductions. Surprisingly, certain costs related to your insurance and health care may lower your tax bill. Many times, there is a possibility to deduct your medical expenses, insurance premiums and other health-related costs from your taxes. There are many other things to consider for potential deductions. Working with a financial advisor is best when it comes to all the tax options to find the right strategy for your situation.