Many people dread tax season. This may be for a variety of reasons, they might be worried that they will have to pay in taxes, they might have not kept their records organized, or they are just dreading the amount of work it will take to file their taxes. However, tax season is not something to dread and if you know what you are doing, you can hopefully come out on top. Here are some deductions that you might not have known you could take that can help to improve your situation with taxes.
1. Relocation Costs
If you have to move for a job, school or anything that wasn't pleasure you should be able to deduct those expenses from your taxes. The cost of renting a moving truck, the gas it took to travel, hotels, food and so forth could all be written off.
In order to write off these expenses you will have to be able to prove that the move was for professional purposes and that you have documentation of all the money spent. This should be pretty simple, just keep the receipts from each thing and that will help to prove the costs if your move is brought into question.
2. Health Expenses
So many people fail to deduct their health expenses each year. You can deduct your health care premiums as well as any money that you put toward health care procedures. For example, if you and your spouse paid for infertility treatment you should be able to deduct that, as well as many other things. Make sure you keep track of all of the money that you spent on health care.
3. Education Expenses
Education is a great way to save money on your taxes. If you, your spouse, or child is in college and you are paying for it, you can deduct the amount of money you paid in tuition and expenses. In addition, there are some credits that you can take that will help to increase your tax refund.
It should be mentioned that some of these credits can only be taken for a few years, so if you are unclear if you can take a credit or deduction, talk to a qualified tax preparer. They will let you know if you still qualify based on your situation.
These are just a couple of the many deductions that you can take. In order to get the best deal possible, make sure you talk to an accountant (such as Hy Appelbaum CPA) about all the deductions available to you.
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