Our 16 year experience providing tax services in Orlando we know that people cringe every time they hear the word “tax”. They keep looking out for “deductible expenses” and yet, strangely enough, more than a million people accidentally overpay their taxes simply because they are too much in a hurry to overlook the money-saving techniques they can use.
One way to ensure you do not skip similar opportunities is to talk to tax professionals who, for example, can be a tax lawyer or preparer, offering tax services in Orlando. While they may guide you over legal and efficient means as well as about items that you can’t deduct (penalties, gift taxes, federal income taxes etc.) it wouldn’t hurt us – or you for that matter – to try and take advantage of the following.
Contributing to Charity
When you are being generous with your items, try making it a noncash charitable donation. That way anything from your furniture to clothing item will be labeled off as deductible with a written receipt that is when it is your turn to get audited. Make sure the goods are in good condition. Perhaps that will make you quit your procrastination and give away something that you do not have a use for anymore. Another tip from your local tax services in Orlando is to go to the nearby thrift store to check the price for a similar item there before you begin to build the list.
Say Yes to Health Insurance
In our Orlando tax service office we get this question all the time; Can I deduct my heath insurance? Any premiums that you get to pay for the sake of your health have the potential to be considered deductible if only the expense is more than a 7.5% of your gross income. If, however, you do not have an employer-paid plan, you do not have to think about going beyond the 7.5% or itemizing to enjoy the deductible.
Investment and Taxes
Just because they are the sort of miscellaneous expenses you’d rather forget about, having a total that exceeds 2% of the net income will be able to get you the tax benefit. Check and include in Orlando tax preparation fees, employee business expenses. If there were accounting or legal fee involved with respect to planning your taxes such as a divorce or estate planning, throw that in too.
The Student-Loan Interest Your Parents Paid For
It was their hard earned money. That said, the IRS will regard it as the money as if what they were paying for is meant for the student to repay the debt. So another tax services in Orlando tax tip is that if the child has not claimed as a dependent, they will be qualifying for a certain limit of the student loan interest.
Unemployment, already a pain to reckon with, turns out to be more so when you are unable to land one when on the quest for it. It helps if you keep a track over the expenses incurred when you were searching for a job. When they go beyond the 2% of the adjusted gross income, they become a deductible item. These include transportation fares, costs of printing resumes, costs for food etc. However, these won’t count with respect to the first job; on the other hand, moving expenses will if the new place is at least 50 miles away.
If you need more information about our 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.