Money Talks News: Tax deductions - News, Weather, Sports, Toledo, OH

Money Talks News: Tax deductions

(Source: AP Images) (Source: AP Images)
Money Talks News -

Experienced tax pros know where to look for deductions like subtractions from your income that can save hundreds, even thousands, in taxes.

They're called deductions: money you spent last year that could reduce what you pay in taxes now.

There could be money you don’t know about from your tax return.

Taxpayers in the haste of preparing their tax returns, trying to meet the deadline, will overlook simple deductions. Mainly on their schedule A., charitable contributions, safety deposit box fees, investment fees, simple publications, professional journals.

Deductions reduce the amount of income you're taxed on which ultimately reduces your tax bill. 

There are some common deductions that are often overlooked.

The first one is charity. Contributions can be deducted if there’s volunteering involved. For volunteering, deduct 14 cents a mile can be deducted for transportation to and from, and the cost of supplies used in that charitable work.

Next, state sales taxes when you have to choose between deducting state sales taxes or state income taxes, this one's best for those without state income tax.

Then there's the Dependent Care Credit. Most parents are familiar with it, but many might not know it can also apply to some summer day-camp costs and adult dependent care. Restrictions apply, but it's worth checking out.

Contributing to a retirement plan can give you a nice deduction. If you're a low to moderate income, there’s a possibility for a tax credit for those contributions. Go online and look up something called the Retirement Savings Contribution Credit.

Lastly, looking for a job in present occupation, deduct all kinds of stuff from resume preparation to employment agency fees.

Every dollar of deductions can save you 10, 15, 40 cents of every dollar. So they're really worth looking forJust go to moneytalksnews.com and do a search for "Tax Hacks 2017." 

© 2017 Money Talks News. All Rights Reserved. 

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