10 Tax Deductions You Never Knew About
Finding deductions like these is why you need CODEaccounting!
Tax deductions are money that you deserve. It’s that simple.
And while the IRS is judicious in making sure you pay what is owed, they aren’t quite as dedicated to deducting what you shouldn’t be paying.
They put that on you, which means there may be a lot of deductions you’re overlooking (and paying the price because of it).
Here are ten of the most overlooked ones:
- Donating Your Time – If you do charity work, you can discount the gas and money spent related to that work!
- Moving Expenses – Recently relocate for a new job? Well if it’s far enough away, you could qualify for a deduction of the money you spent to move.
- Medical and Dental Expenses – Once you and your families medical and/or dental expenses exceed 10% of your adjusted gross income, you can deduct them!
- Loan interest – If you’ve got a mortgage or other sizable loans, you can deduct the interest you pay on them. It can really stack up over the years so don’t overlook it.
- Business Operations from Home – Work from home? Well then you might be eligible for some pretty sizable discounts thanks to it!
- Using your car for work – Driving a lot for work? Well then the money you spend on gas and maintenance is deductible.
- Investment Fees and Expenses – A lot of fees and costs associated with investments you make are tax deductible. This includes everything from consultation fees to software costs.
- Legal Fees – In as far as they are related to doing or keeping your job, you can deduct your legal fees from your taxes.
- Self-Employed Health Insurance – If you’re self employed and paying for health insurance, you can deduct your premiums from your annual taxes.
- Tax Preparation Fees – Paying a stellar company to make sure your taxes are filed correctly? Say, a company like CODEaccounting? Good news, it’s all tax deductible!
Want to know something else?
These are just a fraction of the deductions you can claim.
The truth is there are hundreds, if not thousands of ways to lower your taxes that you may not even know about because they’re buried beneath an ocean of IRS paper work.
So instead of sifting through it, or even worse – just paying higher taxes for no reason, why not work with someone who has the expertise and can help you for a price you can live with?
If you want it done right, then that someone is CODEaccounting.Tags: Accounting, Tax
Categorised in: Blog
This post was written by CodeAccounting