If you are one of these people waiting closer to the deadline because you believe you will have to pay taxes, we have prepared a tax cutting checklist to help you get as many deductions as possible. There are many deductions people may not know about that can be claimed and you never want to leave money on the table. It is always best to consult a tax professional to ensure you are getting your maximum deductions and the below checklist will help.
Below is a checklist of tax deductions that are often overlooked or missed. Some of the deductions listed below have caps, speak with your tax professional for more information.
- Business use of your car
- Gifts to clients
- Yearend bonuses to employees.
- Exclusion of up to $250,000 of profit in a home sale for singles; up to $500,000 for marrieds.
- Home improvements
- Mortgage points paid on new home loans
- Job counseling fees.
- Job related moving expenses.
- Resume preparation costs.
The checklist above are just a few deductions you may be eligible for to claim and lower your tax payment and may even cause you to get a refund. For the full tax cutting checklist click here to download the free document. Every situation is different, and we encourage you to consult a tax professional to make sure you get the maximum deductions you deserve. Check out our tax preparation checklist that helps you get ready to meet with your tax professional with the correct documents.
Assurance Tax and Accounting Group has trained professionals waiting to help you with all your accounting, tax preparation, and financial planning needs. Give us a call today at (225) 757-5518 or send us an email so one of our experienced tax professionals can get you the assistance you need.