Many people do their tax return in South Orlando not knowing about the possible deductions will result in you like a majority of your fellow Americans, overpaying the taxes and letting go of an opportunity to minimize your tax.
The process involving tax minimization is not a separate thing, rather it is part of your everyday life that needs to be monitored to help reduce your taxable income.
We will be discussing the possible deductions that you and most Americans usually miss when filing tax return in South Orlando or elsewhere.
Contributions to Charity
Like most Americans, it is quite possible that you forget to include the contributions that you made to charitable causes when filing a tax return in South Orlando. The contributions could be either in monetary terms or in terms of non cash items.
Checks and pay orders can be included as monetary contributions while non cash items can include anything from used books or old cloths.
You may even use the fuel expense and parking charges you paid while driving to the charity for the deductions.
Deductions on Student loan Repayment
The chance of deductions in tax return in South Orlando for students in South Orlando is a reality.
When filing a tax return in South Orlando you can claim a deduction of up to $2,500 if you are repaying a student loan that you borrowed for yourself, your spouse or any other dependent to pursue a degree.
In order to be eligible for such a deduction you need to prove that the loan was taken for the sole purpose of you attending an educational institution such as a college or university.
Costs related to Job Hunting
Not having a job is a big problem in itself and having to pay a considerable amount of taxes on top of that makes your life even more miserable.
Having said that you can use such a situation to your advantage as the expenses you bear when searching a job can be used by you to reduce the taxes that you would be paying.
In order to be eligible for such a deduction, it is your prime responsibility to keep abreast of all the job search related expenses incurred by you like fees for job hunters, cab fees, cost of printing and mailing the documents etc.
Cost of Renovating your House
When filing your tax return in South Orlando you can use the costs you incurred for improvements you made to your house while renovating it to get a tax benefit.
In order for you to take advantage of such a situation you need to prove that the renovations made your house more energy efficient.
You can claim a tax deduction of up to 10% on the invested cost courtesy of Non-Business Energy Property Credit if you install new doors or windows or get your roof repaired.
Losses courtesy disasters
You can avail tax benefits by claiming a deduction if you have been a victim to a natural disaster or even robbery.
The state compensates your loss by providing you tax deductions but specific criterion is required for such deductions. Also you cannot claim deductions if these losses were insured and you are being paid a reimbursement by the insurance company.
You can save money by checking these deductions before filing tax return in South Orlando.
If you need more information about our South Orlando, FL 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 number, incorporations, and non profit 501c3 tax exempt.