Use these tips to maximize your deductions and get every dollar you deserve this year!
Did you know you can get a tax deduction for mileage not only accrued from business mileage, but also from qualified moving, medical travel, and for any miles driven in aid of a charity? If you did any qualified volunteer service this year, the government will give you a deduction of 14 cents for every mile you drove while helping for a cause.
Do you own your own business? Treat all your business receipts like cash, not trash! They can have a lot of value if you save them. Depending on your tax bracket, a $100 business expense receipt could be worth up to $50 when filing taxes. Back up your receipts online to make tracking easier.
Do you own your own business? If you are your own boss, you know you can deduct anyone you hire as a business expense. But you may not know that if you hire any of your children, they can earn up to $5,700 tax free.
Do you have a home based business? You can deduct the “business use percentage” of things like property taxes, utilities, mortgage interest or rent, garbage pickup, and security. And don’t forget all the paper, print ink, and paperclips you buy!
The U.S. Department of the Treasury and the IRS recently modified the “use-or-lose” rule for health flexible spending arrangements. Participants of health flexible spending arrangements can carry over up to $500 of their unused health FSA balances remaining at the end of a plan year for expenses in the next year.
morguefile/shebaduhkitty | morguefile/Alvimann | morguefile/jppi
