When it comes to tax time, you will want to make sure that you are finding ways to limit your tax bill as much as possible. No one wants to come to the end of the year and owe a ton of money to the IRS. But there are a lot of deductions and credits that you could be claiming, and are ignoring, that will save you a lot of money on your tax bill. These are yours for the taking if you claim them and can show proof, and you will be able to lower your tax bill in no time.
If you are ready to lower your tax bill and save money during tax season, make sure to contact the professionals at L. James & Associates LLC. We have the professionals you need in order to find all the deductions and credits that you qualify for and to save you money in the long run. Make sure to contact us right away and get your best tax year possible.
Medical Expenses
There are some medical expenses that you will be able to deduct when it comes to tax time. While your doctor bills can only be deducted if you spend more than 10 percent of your income, and you can only claim that percentage over the ten percent (for example, if you paid 12 percent of your income you could claim 2 percent), this could help to make your medical bills more affordable.
In addition, there are some medical supplies that you could get deductions for during tax time. Batteries for hearing aids, home renovations because of disabilities, and breast pumps and supplies are all tax deductible. Make sure to contact AZS Accounting in order to get this all put into your tax return properly.
Student Loan Payments
Going to school can be expensive. You have to work hard to keep up your grades and even if you are able to work a little bit, you are going to find it is impossible to pay everything off while you are in school. If you have student loans, you can deduct some of the expenses that you pay of interest on the loans on your tax return. For most qualified individuals, you could deduct up to $2500 a year if your income is lower than certain levels.
In addition to deducting some of your student loan payments, you could deduct some of the expenses that you incur for going to school and you pay for out of pocket. For example, you could deduct the expense of your books as well as what you pay out of your tuition each year. This could help to make your school time a little bit more affordable. If you are unsure about how much you can deduct for all of this, make sure to contact the professionals at AZS Accounting to help you out.
Home Office Expenses
If you worked out of your home, either for your company or as a self-employed individual, you could deduct some of the expenses that come from this kind of expense. You need to keep some good records and use the part of your house for the majority of your business in order to get this discount, but you will find that this is a way to save a lot of money on your everyday expenses for the business. You could deduct your computer, your mortgage interest, and other important parts that help you to earn your income from home.
State Taxes
If you paid money in sales taxes throughout the year, you could get a deduction on these. While it is possible to claim all the sales taxes that you have to pay throughout the year, this requires a lot of paperwork and could be hard to prove at the end of the year. Most people save this for the really big expenses they make, such as purchasing a new car or a boat. This is a large sales tax expense and it only requires one receipt in order to prove it. If you made one of these big expenses and had to pay the sales tax, make sure that you include this on your tax return.
Child and Child Care
For each qualifying child, you could get a deduction on your tax bill each year. There are some restrictions on this, but each child could help you to save on your tax bill. In addition, if you have to pay out of pocket for child care expenses, either while you are at work or searching for work, you can deduct some of these qualifying expenses on your tax return. The professionals at AZS Accounting will be able to help you determine if you qualify for this tax credit and how much you can claim.
Deductions and credits are the best way for you to reduce your tax bill without all the work. These are free money or a reduction on your tax bill thanks to the government, but most people choose to not take these when it comes to tax season. When you are ready to get your tax return done and want to save the most money possible, make sure to contact Kazim Quasim from L. James & Associates LLC. We have the experience you need to get your taxes done right and put more money in your pocket. Contact us today to get started.
