Five Expenses You Should Be Deducting
Most people, when doing their taxes, tend to speed through using deductions from previous years without doing much homework on what else is available out there. You could be missing out on hundreds of dollars’ worth of expenses, so why not find out now what you can be expensing later? Below you’ll find five expenses you should be deducting, in no particular order. Take a look:
Medical and Dental Expenses
There’s a benefit to regular dental checkups, aside from having nice looking teeth and a fresh breath! You can actually deduct unreimbursed dental and medical expenses that are over 10% of your AGI (your Adjusted Gross Income). If you were born before the 1950’s, it’s a little lower at 7.5%. Still, not a bad chunk of change!
For those of you that like to hit the tables when you’re in Vegas (and really, who doesn’t?), you can actually deduct gambling losses with the right documentation, but only to the extent that you are offsetting winnings as well. Kind of a bummer, but there you go!
Mortgage Insurance Premiums
Believe it or not, mortgage insurance premiums also qualify under the mortgage interest deduction. Make sure to add this in the next time you’re figuring out how much you’re getting from being a homeowner.
Performing Artist Expenses
Strapped for cash, but love to perform? Your love of the creative side of life also gives you the option to deduct certain business expenses. These, however, are handled a little differently from other deductible business related expenses. Check out Form 2106 for more details. Create!
…and the top expense you really should be deducting is:
Last Year’s Tax Prep fees
For some reason people just forget about this one. Even though it’s one of the most basic expense that pretty much everyone qualifies for, still some people tend to overlook it. Make sure to check if you can deduct the fees from your last return for this return, don’t miss out on it!
Taxes aren’t some great mystery beyond the realm of human understanding, but if you’re not confident in your tax-fu, let your local tax prep professionals handle the heavy lifting by going to your local One Stop Tax for some help. Make sure to set an appointment today!
Tags: deductions, tax facts, tax laws, tax tips Posted by