Save Yourself Some Money This Tax Season!
Tax season is here, which brings a variety of emotions to the millions of people filing their taxes. If you are used to getting thousands of dollars back on your taxes, this is probably one of your favorite times of the year. However, if you typically have to write a big check, you may be dreading filing your taxes. See if you can take advantage of these common deductions to make filing your taxes a little less bothersome this year.
- Charitable donations – any donations that you made to a qualified charity, such as non-profits and churches, can be deducted. Keeping a good record by holding on to any receipts can help ensure that you are able to get the most out of your charitable donations.
- Local/state taxes – you have the choice to deduct either the local and state income taxes that you paid last year, or the sales tax from your taxes. In order to deduct your sales tax, find your taxes from the tables that are given in the Schedule A instructions that are based on your income and where you live, and add the sales tax on big-ticket items that you had purchased.
- Dental/medical expenses – if you or your spouse were born before January 2, 1950, you have the chance to deduct any unreimbursed medical expenses that are above your 7.5 percent of your AGI. In any other situation, you cannot deduct any expenses until they pass 10 percent of AGI.
- Personal property/real estate taxes – you can deduct value based and ownership taxes, such as real estate and personal property taxes.
- Educator expenses – if you are an eligible secondary educator, you have the chance to deduct up to $250 in out-of-pocket expenses for educational purposes that you bought to use in your classroom, including supplies, books, and software.
For help properly filing your taxes this year and to ensure that you get the most out of your return, contact Phocus Companies in Phoenix, Arizona.
