Are You Preparing Your Own Taxes?
Don’t miss out on these tax deductions! by Tripp Newsome, CPA If you decide to prepare your own taxes this year or as you gather your information together for your tax preparer is sure to not miss out on the following deductions. • Student loan interest • ½ Health Insurance (for some Self Employed) • Health Insurance Premiums • Alimony • Medical transportation including tolls, parking, lodging, and mileage • Nursing home expenses • Medical aids such as crutches, canes, and orthopedic shoes • Hearing aids, eyeglasses, and contact lenses • Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays • Equipment for disabled or handicapped individuals • Part of life-care fee paid to a retirement home designated for medical care • The costs of alcohol and/or drug, and smoking cessation treatments • Special school costs for mentally or physically handicapped individuals • Wages for nursing services • State income taxes from prior year and paid during the tax year • Payment of last quarter estimated state taxes paid before December 31 • Personal property on cars, boats, motorcycles, etc.
• Foreign taxes paid • Mandatory contributions to a state disability fund • State and local sales and excise taxes paid. • Points paid on mortgage or refinance • Property or cash donations to a charity • Mileage incurred in relation to charitable activities of 14 cent per mile • Unreimbursed casualty and theft losses • Education expenses paid to improve your job skills The following items should be received from employers, debtors, or contract workers, churches, charities, and daycare providers. They should also be utilized or given to your tax preparer in order to maximize your deductions, and avoid receiving letters from the IRS. W2s, 1099s, Cancellation of Debt Notices, Retirement rollover notices, SS Notices, IRA contributions, Charitible contribution letters, Home Sales, Vehicle Sales, Vehicle Registration, Daycare Annual Receipts, Church Annual Receipts, etc. This article was written by Tripp Newsome, President of Newsome & Company, P.C., Certified Public Accountants. Visit www.NewsomeCPA.biz to learn more.
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