Accounting, Taxes, Payroll
Common Tax Deductions Missed
Today, I would like to mention a few of the common tax deductions missed by tax payers. So when you file this year you have a better chance at deducting these things.
1. Do you have someone prepare your own taxes? Accounting Fees for Tax Preparation. You are entitled as the Tax Payer to deduct fees you pay a professional accountant to do your taxes. Make sure if you are having someone prepare you taxes, to ask them about deducting the fees they charge you on your tax return. If not, then you better find a new tax preparer. Also if you prepare your own taxes you are allowed to deduct the cost of software you paid as well as any e-filing services that you paid to. Have a question on where to put this on the 1040 form? Email me and I will tell you.
2. Do you pay union dues? These are deductible on your tax return. Dues, Initiation fees for memberships, etc. Sometimes people for get that. Have a question on where to claim this deduction on the 1040? Email me and I will tell.
3. Did you refinanced your home? With mortgage interest rates low now, I am sure a lot of people have refinanced or somewhat. You are allowed to deduct points paid on the mortgage as well as certain costs on the refinance itself. Have a question on this? Email me and I will tell you more about it.
4. Do you gamble? Or have gambling losses? You can deduct the gambling looses up to the extent of the winnings of course? Not sure where to put this on the return? Email me and I will tell you where.
5. Did you have a casualty or theft loss? You as the taxpayer are allowed this deduction as well. Have a questions as to where to put this, email today.
6. Do you wear glasses? Contacts? You are allowed to deduct these as well. This of course would go on the Schedule A as long as you are itemizing things. Another good one to this as well is prescription medicines and insurance premiums paid by you. You can deduct these as well. Have questions as where to put these? Email me and I would be happy to tell you.
7. Did you pay any State or Federal Taxes the previous year? You are allowed to deduct these as well. This really helps to for people who owe tax in the current year that they are filling on the previous year. It will lower your tax liability. Once, again email me for questions.
8. Do you own a safe deposit box? That holds special certificates, stock interest, etc. If you do, you are allowed to deduct this monthly fee that you pay per month. Just total the whole amount for the year and that is the amount you can claim as a deduction on your taxes. Email me for more questions about this.
9. Did you or a loved one have major surgery? Because if you or they did, then you can deduct the cost of the hospital fees, laboratory work, therapy, nursing services, surgery, etc.
10. Did you buy a new car? How about a boat? You can deduct state taxes that you paid on the car and the boat as well.
These are a lot of the common ones that people tend to skip out on. There of course are a lot more. If you would like a copy of the whole list. Send me an email to info@dtpaccounting.com and I will email you the list for free. Thanks and stay tune for the next posting. Regards, Dan Pierce.
Visit: http://www.acctandtax.blogspot.com/ For More Tips and Free Advice
Source by Dan Pierce
Today, I would like to mention a few of the common tax deductions missed by tax payers. So when you file this year you have a better chance at deducting these things.
1. Do you have someone prepare your own taxes? Accounting Fees for Tax Preparation. You are entitled as the Tax Payer to deduct fees you pay a professional accountant to do your taxes. Make sure if you are having someone prepare you taxes, to ask them about deducting the fees they charge you on your tax return. If not, then you better find a new tax preparer. Also if you prepare your own taxes you are allowed to deduct the cost of software you paid as well as any e-filing services that you paid to. Have a question on where to put this on the 1040 form? Email me and I will tell you.
2. Do you pay union dues? These are deductible on your tax return. Dues, Initiation fees for memberships, etc. Sometimes people for get that. Have a question on where to claim this deduction on the 1040? Email me and I will tell.
3. Did you refinanced your home? With mortgage interest rates low now, I am sure a lot of people have refinanced or somewhat. You are allowed to deduct points paid on the mortgage as well as certain costs on the refinance itself. Have a question on this? Email me and I will tell you more about it.
4. Do you gamble? Or have gambling losses? You can deduct the gambling looses up to the extent of the winnings of course? Not sure where to put this on the return? Email me and I will tell you where.
5. Did you have a casualty or theft loss? You as the taxpayer are allowed this deduction as well. Have a questions as to where to put this, email today.
6. Do you wear glasses? Contacts? You are allowed to deduct these as well. This of course would go on the Schedule A as long as you are itemizing things. Another good one to this as well is prescription medicines and insurance premiums paid by you. You can deduct these as well. Have questions as where to put these? Email me and I would be happy to tell you.
7. Did you pay any State or Federal Taxes the previous year? You are allowed to deduct these as well. This really helps to for people who owe tax in the current year that they are filling on the previous year. It will lower your tax liability. Once, again email me for questions.
8. Do you own a safe deposit box? That holds special certificates, stock interest, etc. If you do, you are allowed to deduct this monthly fee that you pay per month. Just total the whole amount for the year and that is the amount you can claim as a deduction on your taxes. Email me for more questions about this.
9. Did you or a loved one have major surgery? Because if you or they did, then you can deduct the cost of the hospital fees, laboratory work, therapy, nursing services, surgery, etc.
10. Did you buy a new car? How about a boat? You can deduct state taxes that you paid on the car and the boat as well.
These are a lot of the common ones that people tend to skip out on. There of course are a lot more. If you would like a copy of the whole list. Send me an email to info@dtpaccounting.com and I will email you the list for free. Thanks and stay tune for the next posting. Regards, Dan Pierce.
Visit: http://www.acctandtax.blogspot.com/ For More Tips and Free Advice
Source by Dan Pierce
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