Do you take all the tax deductions which apply to your case every year? Doing this is extremely important if you want to pay the lowest amount in taxes. While you may think that you are utilizing every tax deduction, it is often, not the case, when you are doing taxes on your own. If you are hiring a CPA in Celebration, FL, for the job, then they will however, ensure that you take all possible deductions.
Here are some common tax deductions which are often overlooked by many tax payers.
Additional Charitable Gifts
The checks which you pay to charity every year are something which you probably do not forget. But as you do your charity work, other expenses also arise, which many people do not consider. As an example, if you are buying some supplies for volunteer work, you can deduct the costs which incur. Moreover, if you have to wear a uniform while volunteering at a hospital or anywhere else, you can deduct the costs of buying and cleaning the apparel on your tax form.
Same goes for all commuting costs that arise when you deliver meals to a community or take a scouts group for an outing. Travel mileage is deducted at the rate of 14 cents per mile.
You probably already know that if you are relocating because of your job, you can deduct your moving expenses. But what if you are relocating for your first ever job? Well, then too, you are eligible for this tax break, if your job is far away from where you currently live. If this has been the case with you, make sure to take this deduction when you fill up your form.
Job Hunting Expenses
Are you searching for another job? What expenses did you encounter while you were at it? You can deduct all of them if you are currently employed somewhere. All costs which arise for preparing your resume, availing services of any employment agency and other similar expenses can be deducted, provided you itemize each of them properly.
Keep in mind that you are entitled to this deduction only when all the expenses are greater than 2% of your gross income.
Child Care Credit
Almost every parent remembers to claim the child and dependent care credit if they are working, but many of them forget to claim child care costs which arise in the summer. If you are sending your child to a summer camp, then too, you can claim this deduction, if the camp is a day-only getaway; as overnight camping costs cannot be deducted.
If you are a college student looking for your first job, then this deduction does not apply to you.
So avail all the above deductions, and pay the lowest taxes to the IRS this year! If you have any questions or issues, take help from a reputed a CPA in Celebration, FL, and they will guide you through the whole process.
If you need more information about our Poinciana 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.)