Latest news

What Are The Various Tax Deductions That Taxpayers Miss Out On

There are many tax deductions that may small but omitting them together may be the reason that you are losing out on a chunk of tax returns that are rightfully yours. Here are the various tax deductions that any good accountant in South Orlando will inform you of.

Traveling

Traveling for work can start looking fun if you do not have to pay for it at all. However if your employer does not contributing to the work related trip that you have to make then don’t put yourself down. If you simply itemize your deductions you can easily add in the costs of the entire trip ad that is how you automatically cut down on your tax bill. By costs we mean expenses like food, lodging and transportation.

The Subscriptions That You Make

It is very easy to write off your magazine costs. If you are using these magazines to refer for business development then they qualify for an itemized deduction. More than that, you will want to make sure that the publications are aligned with your line of work.

Computer expenses

There is a clever way to get around writing off your computer expenses. There are two ways to do this. First if you are self employed then you can easily write it off as a deduction. Secondly when you are liable to claim deductions if you bought it for work related tasks.

Work Tools

A lot of people need to make use of tools and supplies at work and their employer does not provide them with these mostly because they have no knowledge of them. Now if the equipment you use at works wears out before the year ends then you get to write them off entirely on your taxes. It does not matter if you are self employed or not.

Gambling

Not many people know about this, but if you itemize then you can deduct any gambling losses that you incur. You don’t a veto be an avid gambler. If you incurred losses simply claim deductions on your miscellaneous expense report.

Hobbies

There is a strict rule about claiming returns on the hobbies that you have, and the ones that you cost you a lot. The primary rule is that you can deduct cost from your hobby if that is up to the amount you make up on it. So if you love to paint and occasionally sell a piece or two then you get to claim deduction on supplies.

If you need more information about our South 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 number, incorporations, and non profit 501c3 tax exempt.


 
 

Robert AcevedoWhat Are The Various Tax Deductions That Taxpayers Miss Out On