Are you expecting a refund this year? Did you ensure that you get the maximum possible amount? The best way to do this is to increase your deductions and maximize them. A reputed CPA Kissimmee, FL can help you with this. For right now, we also have some quick tips for you. Implement them and you will either be paying the lowest amount in taxes or availing the maximum possible refund. If you have any confusion, your chosen CPA Kissimmee, FL should be able to clear it out.
We are sure that you know all contributions to a charitable organization are deductible as long as it holds the non tax exempt status. But it is not just cash donations that you can deduct. If you donate an item like clothing, mattresses and the like, you can deduct their market value. And do you attend any charitable event or fundraiser? Great, you can deduct the mileage as well.
Most of the people just deduct cash donations, but start deducting other charitable expenses as well and you tax bill will be much lower or your refund will be much bigger.
Have you subscribed to any publications that keep you up to date with all the latest research in your field? Or do you use your phone for business purposes? All these expenses are deduction, which you must avail. As a general rule of the thumb, you can deduct any expense related to business purposes, but there are a few limitations. Your chine CPA Kissimmee, FL will guide you more about these, but we will quickly go over some of them.
As an example, the costs incurred for commuting to your workplace are not deductible. But if you have to go at two different places for work within the same day, you can deduct mileage costs for the second of these. Similarly, if you are searching for a job, you can deduct all incurred expenses, even if they include going out of town and spending a night for an interview or test.
Different tax rates and laws apply to different filing statuses. If you file your taxes under the wrong one, you may end up paying more taxes than necessary, and possibly incur trouble from the IRS. The deductions are also different, which is why you have to be extremely careful about your filing status.
The IRS has four filing statuses: single individuals, married individuals filing jointly, married individuals filing separately and head of household. Ask your chosen CPA Kissimmee, FL; they will determine a suitable filing status for you.
Do you any one who depends on your for financial support? Your kids and your spouse if they are not working. But dependants do not only have to be relatives. They can include your boyfriend, girlfriend and their children as well, as long as no one else is claiming them as a dependant.
So act on our advice and you will be able to save yourself so much in taxes.
If you need more information about our Kissimmee, FL accounting and tax services, please contact us at 407-502-2400. 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. (Freedomtax’s accounting and tax professionals are NOT CPA’s. CPA services provided by third party provider.)