High profile tax evasion cases always pop up on our screens from time to time. The taxman is not a popular figure, but we still need to remit our taxes every other fiscal year. Did you know that you can get some of this money back as tax deductions? Here are 5 things you didn’t know you can claim as tax deductions:
Charitable causes have been known to earn tax deductions for individuals who put in loads of cash. What has not been made clear is that smaller donations can also make you legible for deductions. Every time you give towards a noble cause in your locality, ensure that you fill out the right forms. They will come in handy when you need to make a claim.
Exceedingly high medical Costs have earned numerous people tax deductions, and you can join this bandwagon. To earn this deduction, you’ll need to pay close attention to every dollar you spend when seeking medical attention. Individuals who’ve enjoyed this tax break have had to spend more than 10% of their annual income on medical care.
Earned Income Tax Credit
A large percent of middle-class Americans have foregone this opportunity with the assumption that they make a lot. If your income is low, moderate or anything between those two, then you are a perfect candidate for this tax deduction. Self-employed people can also claim this deduction.
You’ll need to keep a close eye on your investments and report everything as accurately as possible. Accurate reporting ensures that you won’t mention huge sums of investments that will result in excessive taxes. When you eventually decide to cash in on your shares, the taxable capital gain will inevitably be lower.
Deductions on Small Enterprises
Office supplies would also be an excellent place to start. Entrepreneurs who are sourcing office supplies will enjoy higher deductions. Office furniture is another avenue for tax deductions, and you can choose to make a claim once or after every year depending on your preference. A good number of office expenditure will also earn you tax deductions.
The tax season should not always be all gloom. Make the most of these tax deduction opportunities and enjoy the next tax season when it comes rolling. You can smile all the way to the bank to collect your deductions after paying your taxes as a law-abiding citizen.
The tax information contained with in this website is provided for informational purposes only and is not intended to substitute for expert advice from a professional tax/financial planner or the IRS.
Mike is the owner of Money 4 You Payday Loans in Utah. He has been serving the community for over 20 years and has kept that small-town, friendly business feel from the start. Money 4 You Payday Loans has 21 locations across Utah to serve you.
Money 4 You Payday Loans