Finding every tax deduction for which you qualify is like finding money.
Whether personal deductions or business deductions, allow us to help you maximize your return.
Tax deductions generally come in two categories - those you can take only if you itemize on Schedule A and those you can take even if you don't itemize (you take the standard deduction instead). To make the most of your deductions every year, start by reviewing your prior year's tax return. Identify each write-off and determine whether you're entitled to the same type of deduction for the current year. Be sure to review your activities during the year, since out-of-the-ordinary events sometimes trigger tax deductions. For example, you may be entitled to additional write-offs if you bought or sold a home, refinanced a mortgage, or suffered a casualty loss in a federally declared disaster area during the year.
Record keeping is very important
Protect your deductions by keeping the documentation you need to support them. This includes billings, receipts, credit card statements, cancelled checks, and the like. If you do not have the adequate substantiation for a tax deduction, you may lose the deduction and pay more tax as a result.
Your home
Mortgage Interest
Real Estate (Property) Taxes
Points paid for a new home loan, refinancing, or any remaining un-deducted points for a refinance or loan pay off
Home improvements done for medical reasons, to the extent that the home value is not increased
Home office expenses, if self employed and you meet the qualifications
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Your investments
Travel to manage investment property
Capital losses
Loss for worthless investments
Suspended passive losses
Interest expense (limited)
Penalty for early withdrawal of savings
Contribution to Traditional IRA
Contribution to SEP, SIMPLE, or 401(k) plan
Amortization of premiums on taxable bonds
Medical Expenses
Health insurance premiums
Unreimbursed health care expenses (any out-of-pocket including co-pays)
Lodging and mileage for trips for medical care
Glasses or contacts
Chiropractic treatments
Prescribed weight-loss programs
Braces, dentures, or other dental treatments
Hearing aids, crutches, walkers, wheelchairs, and similar medical accommodating devices
Drug and alcohol abuse treatment
Prescription drugs, prescribed supplements, or programs to quit smoking
Medical expenses if a parent for whom you provide over 50 percent support
Cost of nursing home care where medical treatment is the principal reason for the stay
Contributions to an HSA (Health Savings Account)
Charitable Giving
Cash contributions
Fair market value of property contributed (vehicles limited to actual selling price)
Actual expense or mileage rate for driving in charitable work
Out-of-pocket expenses of charitable work
Your family and work
Special schools for a handicapped child
Childcare expenses
Student loan interest
Alimony paid (for agreements made prior to 2019)
50 percent of self-employment tax
Health insurance premiums, if self employed
Other deductions
Additional standard deduction if blind, or age 65 or older
Personal property taxes such as registration fees (license plate renewals)
Casualty losses in a federally declared natural disaster area
Gambling losses to the extent of winnings
Foreign taxes paid