If you’re like most people in America, you are either working on your taxes, have a professional working on your taxes or you may have submitted your taxes and already have your tax refund check back from Uncle Sam. If you fall into the latter category you are most likely the envy of everyone who knows you’re done with your taxes.
Every year Americans know that they must prepare their taxes and have them in the mail by the deadline: Midnight on April 15. Years past when April 15 had fallen on a Sunday giving tax payers an extra day to get all the preparation and paperwork finished and mailed, felt like a gift from the Tax Angels!
Being able to deduct expenses from your taxes on items during the past year is a way to offset taxes you may still owe the government. Qualified deductions take the form of charitable gifts, donating money or clothing to local thrift stores or clothing centers are a few. Did you know you may be able to write off a room of your home if it is used as a home office for business purposes? You can deduct a portion of a cell phone bill if you used your phone predominately for business use. You can deduct medical and dental expenses if they happen to be more than 7.5% of your adjusted gross income. You can also deduct mileage for travel pertaining to business, moving, medical and charitable purposes.
Miscellaneous Tax Deductions
Tax payers don’t always take advantage of the miscellaneous deductions that are out there such as unreimbursed employee expenses. Did you pick up some copy paper one day because your office ran out and you did not turn in a receipt to be reimbursed? Claim it on your taxes! You can even deduct the expenses or fees you pay your accountant to prepare your taxes or any fees you paid to file them electronically with a credit card! There may be a lot of people going to H and R Block to re-file and take advantage of these deductions you may not have used and are entitled to!
Energy Tax Credit
Expenses related to home repairs or renovations or major equipment installed or replaced with more energy efficient devices, may have qualified you for the 25C Tax Credit. Adding, replacing or upgrading your attic, wall or basement insulation with a higher R value rated insulation, qualifies for an energy credit. This credit is set to expire at the end of 2013. Take advantage of all the tax deductions you can. When you install attic insulation, you not only save money in monthly energy bills but you can take advantage of the tax credit available till the end of 2013!