Every year, a large number of US citizens overpay their taxes in their tax return in South Orlando. Not because they don’t like their money, but because they don’t know about the possible deductions that can shrink their final taxes. These tax-minimizing factors are not something you have to separately apply for, instead a closer look at your everyday activities can reduce your taxable income.
In this post, we will outline those important deductions that usually people miss when filing tax returns in South Orlando or elsewhere in US.
Most of the people forget to include charitable donations they make, both cash and noncash when filing tax return in South Orlando. Cash contributions include checks and pay orders, while in noncash donations you can include everything that you offered your favorite trust as charity- your used books or even your old cloths. Further, the fuel expense when you were diving to the charity and even the parking and tolls you paid can be used as tax return in South Orlando deductions.
Student loans interest
American Opportunity Tax Credit for college expenses already provides different benefits to students, perusing a degree. But there are further possible deductions in tax return in South Orlando. If you are repaying a student loan that you borrowed for yourself, your spouse or any other dependent to pursue a degree that you can claim a deduction up to $2,500.00, when filing a tax return in South Orlando. But you are eligible for this deduction, only if the loan was taken for the sole purpose of you attending an educational institution such as a college or university.
Job hunting cost
Joblessness is itself a curse, on that if you have to pay higher taxes then things turn out to be worse. However, the tax return in South Orlando expenses you bear when searching a job can also be used reduce the payable taxes. But for that you need to keep a track of all the job-search expenses that you have made, such as travelling cost either by your car or Cab fares, fees for the employment agency, cost of printing and sending the documents, etc.
This might be a complete surprise for you that you can even save on the improvements you made during your house renovation, when filing a tax return in South Orlando. However, you can avail this only if the renovations made your home more energy efficient. On installation of new doors and windows or repairing your roof, Non-Business Energy Property Credit allows you to claim a tax deduction up to 10% on the invested cost.
Losses due to a disaster
If you have been a victim to a natural disaster or subjected to a theft loss, then such cases too can bring shrinkage to you payable taxes. This is a way through which state is trying to compensate your loss. But not all the losses are counted as tax return in South Orlando deductions, rather there is a specific criteria for that. Also, if your losses were insured and the insurance company is paying you the reimbursement, then you can’t claim this deduction.
So this year when you are filing tax return in South Orlando and all over US, don’t forget to check for these deductions that can save you a lot of money.
If you need more information about our South Orlando, 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.