Tax Deductions You Can Make

July 10, 2012 by  Filed under: Taxes 

If you’re unsure which deductions you can make when you file tax returns, you’re not alone because each year there are new deductions and tax credits you can claim, and it can be tricky to determine if you qualify for the deductions. To get help with this you should seek free tax help from a credible nonprofit organization that helps families prepare tax returns. You can also get assistance by getting IRS tax help from your tax accountant. If you want to know more about this topic, you can read the tips and guide below.

A tax deduction is the amount of money you take out your income to reduce the amount of money you owe in taxes. Tax deductions not only reduce your tax bill but they also help you keep more money in your pocket. If you’re married with dependents at home, you qualify for a deduction. This is why some grandparents claim their grandchildren on their tax returns if the grandchildren live with them.

If you’re moving to another city, there are things related to the moving process which can serve as deductions and these include gas expenses, mileage, toll payments, packages you moved to your new residence, and storage of your things. When you make these deductions while filing taxes, you can save money and pay less in taxes.

Those with home-based business qualify for certain deductions. These deductions include auto expenses, operation costs, your home office and health expenses. If you want to know all of the deductions your home-based business qualifies, get IRS help tax from a professional. The tax deductions help you grow your business by paying less on your tax bill.

When researching individuals to get free tax help from, you want to choose someone who has years of experience in counseling families on tax-related issues such as tax deductions. For example, if you know of a retired lawyer who runs a law clinic that pertains to tax advice, meet with him to discuss tax deductions.

If you’re a single parent, there are some tax credits that you qualify for. The Adoption Credit allows you to make a tax deduction if you have an adopted child but you have to provide documentation as proof of the adoption. You can also qualify for the Child Tax Credit which is $1,000. Finally, you may qualify for the Child Care Credit if you take your child to a daycare.

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