Paying taxes is a burden everyone has to bear but the Internal Revenue Service provides taxpayers some relief in the form of its deductions and credits. Most often, people are not aware of these deductions and miss out on important tax breaks. They then end up paying more taxes than required.
This is why it is important to use the services of qualified tax preparers of the Tax Medics Company in Kennewick,WA to help you understand the different kinds of tax breaks and deductions you are eligible for and how you can claim them.
Some Important Tax Breaks You Should Include
It is good to keep a list of the following tax breaks, so that you can reduce your tax amounts significantly:
Safety deposit box
Yes, you are surprised to see that your security deposit box in your bank could also be a tax break. This is one of the most neglected tax breaks, as most people don’t know they can include this as a deduction.
Even if the amount is not significant, it can help reduce your taxes atleast to some extent. You will need to fill Schedule 4 of your tax forms to include the safety deposit box as a deduction. You can take the help of the tax preparers in Kennewick,WA to help you include this as a deduction.
Charitable donations
If you have contributed towards any kind of charity, whether it be for people or animals, you can include this as a deduction in your tax return forms. However, the contribution must exceed $200. The tax preparers in Kennewick,WA will help you claim these donations on your tax returns and reduce your due tax.
First home purchase
When you buy your first house or condo, you get a nonrefundable credit of up to $5,000 on your tax returns. You must mention this on your tax returns and have all the supporting documents and records in case the Internal Revenue Service wants to review them.
Moving expenses
You can also include your moving expenses in your tax return forms if you have moved to a location that is closer to your work or self-employment location. These deductions can amount to quite a lot and can thus help reduce your tax burden by a significant amount. Let the qualified professionals of Tax Medics help you claim these moving expenses on your return forms before your due date.
Children’s activities
The Internal Revenue Service also advocates children’s fitness activities and allows a credit of up to $500 to cover these costs. Your child must be below the age of 16 years and you must keep all records and documents to verify your claims.
Disability tax break
If you or any member in your family is suffering from any kind of disability, you can report this on your tax return forms and claim a tax break of up to $7,000. This goes a long way in reducing your tax amounts and can also help pay for the extra medical care and facilities that are needed to look after a person with a disability.
The tax preparers in Kennewick,WA can help you claim this tax break in the proper manner.
Daycare expenses
If you are a working parent and have to enroll your child in a day care service, you can claim the day care expenses as a deduction on your tax return forms. This can reduce your tax amount significantly and help you actually pay for the day care services. Ask the tax preparers in Kennewick,WAto help you claim this tax break.
If you travel by public transport frequently, you can include these also as a deduction in your tax returns. However, make sure you include weekly or monthly passes and not daily passes. Just ask the qualified tax preparers in Kennewick,WA to help you understand how this works and claim this tax break.
Who doesn’t want to pay fewer taxes? However, unless you know all the tax breaks and exemptions that you might be eligible for, you will keep paying extra taxes. To help you understand the different kinds of tax breaks as well as the different requirements of these tax breaks, you can use the service of tax preparers of the Tax Medics Company..
Just click on the profile below to talk to a qualified tax professional today to help you sort out your taxes and claim significant deductions. These tax preparers IN in Kennewick,WA will help put all your tax woes to rest and will make filing tax returns a breeze.
Shannel Reed