It’s that time of year again when everyone is starting to think about filing their taxes. At the very least, you may be starting to see important tax documents show up in your mailbox. This is a good time to start gathering all of the documentation that you will need to get your taxes filed with the deadline coming up in the next few months. Mark Dicus & Company is here to talk about some of the most common tax deductions and credits that people forget about when they are preparing to file their taxes.
What are Some Tax Deductions & Credits I Might Be Missing Out On?
Following are some of the most common expenses that you could be eligible for when it’s time to file your taxes.
– Medical Expenses: If it has been a year filled with medical expenses, you may be able to deduct them from your taxes. You can deduct the mileage driving to and from your medical appointments as well as other expenses if they exceed 7.5% of your taxable income this last year.
– Charitable Contributions: If you have donated to charity over the past year, don’t forget that you can deduct it from your taxes no matter how small the amount. You can also deduct the mileage from any travel that incorporated you volunteering your time.
– Education Expenses: You can take advantage of two different education credits including The American Opportunity Tax Credit and The Lifetime Learning Credit. If you just finished school or are in the middle of it, look into these credits that can save big for you.
– Camp for Kids: If you put your kids in after or before school care this past year, you may be eligible to deduct it from your taxes up to $3,000. Your child does need to be younger than 13 years old to take advantage. You can’t claim any overnight camps though.
– Health Insurance: For all of those that are self-employed, you can take advantage of the tax deduction for your health insurance. Even if you aren’t self-employed, you may still be eligible for this deduction if you are doing an itemized deduction.
– State Income or Sales & Local Taxes: When you itemize your tax deductions, you can choose to either deduct your state income taxes or the state sales taxes that you paid throughout the year.
– Home Office: If you have a home office like many people do in today’s world, you can deduct a portion of your mortgage, utilities and other expenses involved.
Tax Preparation, Filing & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you are getting ready to file your taxes and have questions about what you can and cannot deduct, you may want to turn to the experts at Mark Dicus & Company to help you prepare your taxes this year. We have the experience and expertise to ensure you are taking full advantage of all the tax deductions that are available to you. Call us today!