If you are like most people, you are looking for as many tax deductions as possible since that is what will lower the amount of money you earn that is subject to federal income tax. A deduction will also lower the amount of money you owe if you end up in that position come tax season. Mark Dicus & Company is here to talk about some deductions that you may not realize you can benefit from.
Are Subscriptions Tax Deductible?
Not all, but some subscriptions could be tax deductible if you own your own business. If the subscription is considered necessary for your business. This could be magazine subscriptions, but it could also be supply deliveries from amazon and other companies that you have in place.
Tax Deductible Daycare or Summer Camp?
During summer months or when school is not in session, you can claim the cost of child-care and summer camps as a deduction on your taxes. To qualify for this you, and your spouse if filing jointly, must be employed full-time or attending school full-time. This credit is good for any child that is under the age of 13. This applies to daycare, summer camps and in-home babysitters. The only exception is that the childcare can’t be provided by a family member.
Natural Disaster Tax Deduction
Not all property damage is tax deductible, but if your home sustained damage due to a natural disaster that was declared as such by the federal government, it qualifies. If your property is damaged and within the area that was designated as a disaster, it counts. There are sites that will let you know for sure if you qualify.
Tax Deduction for Service Animal?
There are many physical and emotional conditions that require a service animal to give you the support that you need. The cost of the service animal and all of the expenses related to your service animal are considered an approved medical expense. The only way that you can deduct it though is if an insurance company is reimbursing you for the expense.
Is Jury Payment Taxable?
If you were required to serve on a jury, your employer was probably required to pay you while you were out for jury duty. If your employer gave your full pay, there is a chance they made you give your jury fees back to them. Any money that you gave back to your employee is tax deductible.
Many states require you to pay state income tax each year. If you found yourself owing this last year, any money that you paid in state taxes can be deducted off your taxes this year. You will file this under state and local taxes.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
When you leave your taxes up to the experts at Mark Dicus & Company, we will make sure you take advantage of any and all deductions that are there for the taking and that you qualify for. With our expertise, you can’t go wrong. Call us today!