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Missed Tax Deductions

March 28th

Taking the standard deduction at tax time is the easiest way to complete your taxes, but it isn’t always the best way. There are many individual deductions that are missed each year that could have saved you hundreds in tax liabilities and even boosted your refund significantly. Lower your tax debt bill by checking to see if these commonly missed tax deductions apply to you.

1. Environmentally Friendly Home Upgrades — With so many people going “green” around their home, many people are missing out on good savings through valuable tax credits. There are numerous deductions for installing new products, replacing old products and making certain improvements around the home. Products that are “energy star” rated, carry an energy efficient status or are considered “green energy” systems can all be reported on your tax return as a credit. Check the manufacturers certification statement that comes with the purchased product to be sure and attach it to IRS Form 5695.

2. Moving or Relocating For A Job– Although some employers pay for relocation expenses, there are many people who have to pay for relocating for a job out of pocket. The IRS allows for expenses related to a move of 50 miles or more to be claimed as a tax deduction on the return for that year. In order to qualify for this deduction, you must also be able to demonstrate that you (a) relocated solely because of the job and (b) work full time for at least 12 months following the move.

3. Business Expenses or Debts– Many people track their mileage and business related purchases to be used as a deduction at tax time. The IRS requires fairly extensive documentation of both mileage and receipts for purchases that are to be considered for deduction on your tax bill. Items eligible for deduction are gas, office supplies, computer and software equipment, home office, travel and meal expenses, as well as insurance costs. Bad business debts can also be included, but are limited to debts that are owed to you that were legally extended and had good faith collection efforts made. If you are owed money on a business debt, you may be eligible to include this amount as a loss on your taxes.

 

 

 
 
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