Tax deductions don’t have to be tricky. Everyday expenses like child care, elder care, and charitable donations can be deductible. We surfed through the tax information and FAQs at www.IRS.gov to pick out 10 simple deductions that may save you money. For more tips, or to find out if these deductions apply to you, visit www.irs.gov.

Taxes are On Topic in March at FOXBusiness.com. From tips on how to save money when you file to how to avoid an audit, check back throughout the month to find out what you need to know.

No. 1: Baby-sitting

The amount you pay a baby sitter during hours that you are working is deductible. You can even claim baby-sitting as a child care expense if you hire a family member as the sitter, as long as they are not a dependent or your own child under age 19, according to the IRS' Web site. If the baby sitter is unwilling to provide you with his/her Social Security number or taxpayer ID, you can simply provide a name and address.

No. 2: Business Gifts

If you’re a business owner, you can typically deduct up to $25 for a business gift you give to an individual, according to the IRS. The deduction of these costs is subject to certain limitations. You can also deduct all excise taxes “that are ordinary and necessary expenses of carrying on your trade or business,” according to the IRS.

No. 3: After School Programs

After school programs for young children can sometimes qualify for a deduction, because they are seen as part of a child’s daycare. Although fees for private tuition are non-deductible,  “the part of the expenses of sending your child to school that is for your child's care may qualify for the credit, if it can be separated from the expenses of education,” according to the IRS.

No. 4:  Casualty Losses

If your home was severely damaged by a natural disaster and was uninsured, these “casualty losses” are deductible in the year the disaster occurred. Casualty losses “can result from the damage, destruction or loss of your property from any sudden, unexpected, and unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption,” according to the IRS. Also, if your home is in a disaster declared area, the IRS can give you extra time filing your returns.

No. 5: Elder Care

If you pay for daycare for an elder that is your spouse or a family member living with you, these expenses may qualify for deduction. If the elder individual is unable to care for themselves, daycare can be considered a necessary expense, according to the IRS Web site.

No. 6: Worthless Stocks or Securities

If you own stock that lost all its value, you can deduct it. According to the IRS, “the worthless securities are treated as though they were capital assets sold on the last day of the tax year.” However, most personal losses--like those sustained after the sale of a home--are not deductible.

No. 7: Car Donation

If you donate an old car to an aid organization, you can deduct the car's value. You must have proof of your donation, and proof of the fair market value. If you want to deduct over $250 for the car, you’ll also need to get a “contemporaneous written acknowledgment” from the charity, along with a declaration stating that you did not receive any payment for the auto, according to the IRS.

No. 8: Interest on Certain Loans

The interest you must pay on some loans, such as those used to cover personal debts, can be deductible. “A loan taken out for reasons other than to buy, build, or substantially improve your home, such as to pay off personal debts may qualify as home equity debt,” according to the IRS.

No. 9: Mortgage Interest and Property Tax on a Second Residence

If you have a second home that you live in for at least some of the year, the mortgage on that home is typically deductible, according to the IRS. Use the interest on your primary residence as a guide: the mortgage on your second home must meet the same requirements for deductibility.

No. 10 Alimony

Alimony payments made following a divorce or separation are deductible, if your payments meet certain requirements, according to the IRS. For example, your payment cannot be considered child support, and you must make the payments in the form of cash, check or money order. Child support payments are not deductible.

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