What Can I Use As Deductions For My Taxes

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Tax Deduction Checklist

With tax season right around the corner, the last thing you would like to do is wait till the last-minute to prepare for the tax appointment. So here is the answer to what can I use as deductions for my taxes.

 

Now’s the time to ensure you’ve got your tax preparation checklist ready to meet with your accountant.

Why?

Since thorough preparation will enable your tax accountant to finish your tax return easily and quickly.

So it will probably save you a little bit of music.

A lot of the items on your tax preparation checklist depend upon your distinctive personal and business tax situation.

Nevertheless, there are various things you will certainly need to make the process go smoothly.

Even though the following tax preparation checklist isn’t supposed to be all-inclusive, it provides many common items and documentation you’ll have to bring to your tax appointment.

 

What Can I Use As Deductions For My Taxes? Here is a List:

 

1. Proof of Identity

Bring your Social Security card and driving license.

Unless of course, you are utilizing the same tax accountant as last year, you will need these to verify your identity.

Do not forget to include a copy of last year’s federal and state tax returns on your tax preparation checklist.

The info on last year’s returns will assist your tax accountant to calculate this year’s tax return more quickly.

 

2. Salary and Wages

Unless of course, you are self employed, you’ll receive a W-2 form, Wage and tax return, from your employer.

Employers are required to send your W-2 by January 31.

If you do not receive it by Feb, make a note on your tax preparation check-list that you need to call and remind them to send it to you before your tax appointment.

Bring all your 1099 forms. Your tax accountant can explain all the various kinds of 1099s, but usually, these forms report revenues other than wages and tips.

They’re commonly used to report payments you made to independent contractors.

How does this help you?

Well, a lot of taxpayers actually overpay tax during the year when employees calculate your monthly payments.

Therefore, you could be eligible for a tax refund.

 

3. Mortgage Interest

If you are self employed or running a business this is for you.

The mortgage interest you paid in the year should also be on your tax preparation checklist.

This is Form 1098 and enables you to deduct your qualified mortgage interest to lessen your tax burden.

 

4. Student Loans

Bring records of your education expenses and student loan interest paid.

Tuition paid for college classes can provide tax credits, as can the interest you paid on any student education loans.

 

5. Donations

Donations made to charitable organizations like churches, the Salvation Army, and Goodwill are tax-deductible.

So remember to bring documentation of your contributions to your tax appointment.

 

6. Medical Expenses

Medical, dental, and eye care expenses can also be deductible.

These include physician bills, prescriptions, and medical health insurance paid out-of-pocket.

 

7. Car Expenses

You can deduct a part of your car and transport fees from your income tax if you run your own business and travel for work.

Put your fuel costs on your tax preparation checklist and consult your tax accountant for more info on car-related deductions.

 

8. Alimony

Do you pay or receive alimony? If you pay alimony, you might qualify for an income tax deduction.

 

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This ends today’s simple summary on what can I use as deductions for my taxes.

 

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