Every year, American taxpayers leave millions of dollars on the table for the US Government in the form of unclaimed tax deductions. With tax day just around the corner, it’s time to do one final check to make sure that you are not missing out on three of the most common missed deductions…
Retirement contribution deductions for the self-employed and for single income couples.. It’s not too late to open an IRA account and make a contribution for yourself if you’re self-employed or a non-working spouse to gain an additional tax deduction—plus some additional retirement funding. Simply do it before the tax deadline and keep in mind the maximum annual contribution is $5,500 per person, or $6,500 for people 50 and older.
Sales taxes on large ticket items. Tax law allows individuals to deduct the larger of the amount paid in either state income tax or sales tax. While you should check the rules for your state, it’s worth checking this potential deduction out, especially if you made a larger purchase such as a new car, truck or boat in 2016.
Deductions for charitable contributions. Many people contribute to charities throughout the year and incur out-of-pocket expenses. This includes miles driven (14 cents per mile deduction) while volunteering for a charity or donating clothing to a local Salvation Army or shelter. Always remember you need a receipt for any contribution over $250.
If you have yet to file your taxes, consider asking Account On Us if you qualify for any of these deductions and take your hard-earned money off the table so you can put it back in your pocket! At Account On Us you can rest assured that you are dealing with a tax preparer that is highly trusted and respected in the community. We are a Diamond Partner in the St. Cloud Chamber of Commerce and have been on the Board of Directors for many years. We are here to serve, guide and direct you. If you’re looking for the best in accounting service, payroll services, tax planning and more… call us at 407.892.1066! or contact Account On Us today!