5 Tips that will help you get Tax deductions

 

 

 

The ultimate goal of any tax payer is to minimize their tax bill as much as possible. Sometimes the tax payer files the returns in a rush due to which they forget to add some important tax deductions in their return which can help to lower their bill. Here are some of them:

Medical Insurance Premiums

IRS understands that medical expenses effect the budget a lot. IRS rules states medical expenses have to exceed 7.5 percent of your adjusted gross income to be deducted. If you are self-employed the rule is different, you can deduct 100 percent of your premium cost if you are responsible for your own health insurance.

Sales Taxes

Federal Income Tax returns allow you to deduct the sales taxes from your tax returns. Even if you have paid off the state tax, the sales tax deduction can be a relief especially in case of large purchases. You have to itemize to take the deduction, but the IRS provides tables to use as a guide.

Payment of the Babysitter

If you are doing a volunteer work and during that time you are paying a babysitter to take care of your kids, you can deduct the wage of baby sitter as a charitable contribution on your return, if you can document that while she was performing her duties, you were volunteering.

Charitable Gifts

The money you pay to charitable organizations is deductible from tax. What’s more interesting is the fact that out-of-pocket expenses for charitable work also qualify for deductions. If you make some sandwiches or any eatable item for a charity fundraiser, you can deduct the cost of the ingredients you used to bake them. The condition is that you save the receipts or itemize the costs in case of an audit.

Tax deduction option for Teacher

Teachers have to pay for printing of worksheets or any other classroom item form their picket. The IRS allows qualified K-12 educators to deduct up to $250 for materials. That gets subtracted from your income, so you can take advantage of it even if you don’t itemize.


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By |2016-08-21T00:06:42+00:00August 21st, 2016|Blog|0 Comments

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