Are you availing all the deductions to bring down your taxes? Think again, you might be missing out on quite a few of these. We know so many people who believe that have utilized all deductions, whereas they could have actually paid even lower taxes. Know the best way to avoid this blunder? Hire a reputed South Orlando Accountant, and they will make sure you are availing all deductions. Is there any other way? Yes, heed onto our advice and you will be able to decrease your taxable amounts.
Charity deductions go farther than donations
We are sure you know that charitable donations are deductible, and we are sure you must already be availing these. But did you know that it is not only the cash donation that is deductible? If you are donating some used furniture or some clothes, you can deduct the market price. And what if you are attending a fundraiser or some other charitable event? Perfect, deduct the transportation costs as well.
An office in your home
The IRS is particularly lenient towards self-employed people and offers them so many deductions, which other people can cash onto. May be you could start some part-time business and set up an office in your home. The extra income will do you good, and you can even use more deductions. For instance, you will be able to deduct some of your utility bills and membership fees of professional organizations. You can also deduct the rent.
Disasters might have a good end to them
Did you damage most of your house in a recent disaster and spend so much money on the repairs? Now is the time you can get some advantage of this. Deduct all these expenses, and your tax amount should be significantly lower now.
Please note that if an insurance provider covered you, you cannot use this as a deduction.
Your mortgage points are another deduction
You will already be deducting the interest amount you pay on your mortgage. Increase your deductions more and start deducting your mortgage points as well, if you have not already done this. If you do this for the tax year in which you acquire the mortgage, you can deduct all the points at once. If you do this the next year, you will be able to deduct a fraction of the points. The good thing is that this fraction can be deducted for the entire mortgage term.
Get health coverage… and deduct the premiums
Are you subscribed to a health protection policy? Get one now, and you might just be able to use this as a deduction. This will be if your health premium is more than 10% of your adjusted gross income.
If you are self-employed, the limits do not apply to you.
Did our suggestions help you in lowering your taxes? Great. Want to bring them down even more? Hire a South Orlando Accountant and they will guide you more about this.
If you need more information about our Orlando accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt.