Do you want to maximize your tax deductions? Cannot figure out how to do this? Take help of reputed tax services in Kissimmee, and you would be to able to achieve this. In the meantime, have a look at all those things that can be considered as deductions and would benefit your purpose greatly.
Did you make a move this year? Maybe you changed your neighborhood or relocated because of your job? If so, you should use this for your tax advantage. Depending on the amount you spend during the move, you can get a portion of it deducted form your taxable income. Even if you are self – employed, you can still get these expenses deducted. And do you know that the IRS is specifically generous in this regard? Well, you do now, so make sure you take full advantage of it.
Are you paying off a mortgage loan or a student loan? In both cases, it is good news for you because you can use it to deduct your taxes. And there is another thing that makes the situation even better. You can still get this deduction even if you are not paying for the loan.
Bear in mind that this is true for the interest amount only and not for the loan amount, and if certain situations are true for you, you would probably not be provided with this deduction. For instance, if you parents mention you as a dependent on their form, you would be provided with this deduction. Other similar cases are when adjusted gross income is greater than a certain value. For every filing status, this value is different.
If you send donation to a church or any other organization for which taxes have been exempted, you can get the amounts deducted from your income. This is valid eleven if your donations are not based on cash.
Home Office Expenses
Though home office expenses can be deducted, there are strict rules for this. These are not flexible and if you play around with these, you would probably have to face an audit. Expenses included in this category are property taxes, interests on mortgages, utilities bills, insurance, repair costs and depreciation amounts.
Hobbies turned to Businesses
Are you a gardening fan and have your own beautiful garden in your backyard? And do you sell off your home veggies to the local farmer? Good because this also means that you would be investing significant amounts in seeds and fertilizers every year. Unfortunately, in this case, the IRS would not provide you with any deductions. However, if you state this as a business on your return, your tax amount can decrease.
Ever had any major medical expenses this year? Well, you can get them deducted but only so if they are more than 7.5% of your income.
There are other deductions as well. Your chosen tax services in Kissimmee would be able to guide you more about these.
If you need more information about our Kissimmee 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, and Hunters Creek, 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 status applications.