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 fall into two main categories: those you can claim only if you itemize on Schedule A, and those you can take even if you opt for the standard deduction. To maximize your deductions each year, begin by reviewing your previous year’s tax return. Identify all the write-offs you claimed and assess whether you qualify for similar deductions this year.

Don’t forget to consider any significant life events or unusual activities during the year, as these can often lead to additional deductions. For instance, you may qualify for extra write-offs if you bought or sold a home, refinanced a mortgage, or experienced a casualty loss in a federally declared disaster area. By staying proactive and thorough, you can ensure you're making the most of the deductions available to you.

Record keeping is very important

Safeguard your deductions by maintaining proper documentation to support them. This includes invoices, receipts, credit card statements, canceled checks, and similar records. Without adequate proof to substantiate a tax deduction, you risk losing it and potentially facing a higher tax bill as a result.

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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

Tax Preparation Checklist

Personal Information

Social Security Numbers (SSN): For yourself, your spouse, and any dependents.
Bank Account Information: For direct deposit of your refund (routing and account numbers).

Income Documents

W-2 Forms: From all employers.
1099 Forms: For freelance income, investment income (dividends, interest), or other income sources.
1099-NEC: Non-employee compensation.
1099-DIV: Dividends and distributions.
1099-INT: Interest income.
1099-B: Sale of securities or investments.
1099-K: Payment card and third-party network transactions.
1099-R: Retirement plan distributions.
Unemployment Income: Form 1099-G.
Rental Income: Documentation of rental earnings and related expenses.
Other Income: Any other income, such as alimony, scholarships, or jury duty payments

Deductions and Credits

Childcare Expenses: Provider’s name, address, and Tax ID/SSN.
Educational Expenses: Form 1098-T (tuition), Form 1098-E (student loan interest), and other related receipts.
Medical Expenses: Receipts for out-of-pocket expenses (insurance premiums, prescriptions, etc.).
Charitable Contributions: Documentation of donations (cash and non-cash).
Mortgage Interest: Form 1098 from your lender.
State and Local Taxes Paid: Property taxes, estimated taxes, and prior year tax payments.
Energy Credits: Receipts for energy-efficient home improvements (solar panels, energy-saving appliances, etc.).
Retirement Contributions: Documentation for IRA or HSA contributions.

Business and Self-Employment Income (if applicable)

Profit and Loss Statement: Record of income and expenses.
Receipts for Business Expenses: Office supplies, travel, marketing, etc.
Vehicle Information: Mileage records if you used a vehicle for business.
Home Office Expenses: Square footage of your office and total home square footage.

Investment and Retirement Accounts

Investment Statements: Year-end summary from brokers.
Retirement Plan Contributions: 401(k), IRA, or other retirement accounts.
Capital Gains/Losses: Details on the purchase and sale of assets.