When you are getting ready to do your taxes you are likely looking for all your paperwork and information that you need. Nothing is worse than getting ready to file your taxes and realizing that you don’t have all the information required. Now you have to take time to look around and locate what you need to file. The best thing you can do is to make sure you know what you need in order to file your taxes. You also want to know what you can use as deductions when you file. The more you can deduct the less you will have to end up paying in taxes to the IRS. It is always better to get money back at the end of the year than having to write a big check. There are lots of things that you may not realize you can and should write off. Mark Dicus & Company outlines what you can deduct on your taxes.
Is Sales & State Tax Deductible?
If you live in a place that has state tax you want to make sure that you know what you have paid and if you can and should use it as a deduction. There are lots of areas that also have a state tax and many people do not realize that you can use the state tax that you paid to deduct the amount from your federal taxes. This usually is only a good idea if you have made some larger purchases in your state such as a car or expensive gifts and jewelry. Be sure that you keep your receipts from large purchases to use when you file your federal taxes.
Can I Deduct Health Insurance Premiums?
One thing that you have to have and pay for is health coverage. You feel better knowing that if something were to happen you are covered. Although this is great peace of mind there are the stresses of paying for the insurance. The premiums that you pay for are often a large portion and the IRS recognizes that you may need some help. The great thing is that you can use the payments you made for your health coverage as a way to deduct from your adjusted gross income. It is a good idea to get a breakdown of the premiums you have paid when you go to have your taxes prepped.
Teacher Tax Deductions
One of the areas that you can use to save money is when you buy supplies for your classroom and for teaching. You want to make sure that you know what the amount is that you can deduct and stay within that budget if at all possible. The IRS recognizes that you may need to have extra to ensure that you get some recognition for your work as an educator.
Charitable Donations
When you are feeling in the giving mood most people will look for a way to donate to charity. The charity that you choose has no bearing on the deduction that you get. Although most people are not giving to charity for the tax break they can still enjoy the benefits of it. The only way to ensure that you get the tax break is to have a receipt for any charity that you give.
Tax Preparation, Filing & More in Menominee Falls, Waukesha, West Allis, Racine & Greater Milwaukee, Wisconsin
Mark Dicus & Company can make sure that you get the most out of your tax deductions. Call us today!