Three Things Your CPA Can Help You Deduct at the End of the Year
Tax season can be a very stressful time for both business owner and non-business owners. And one of most stressful things about tax season is the anxiety surrounding the deductions you may be able to claim. Here are four things your CPA can help you deduct from your taxes:
Health Insurance Premiums
Medical expenses have the potential to literally blow your bank account, and believe it or not, the IRS has compassion on American citizens as it relates to health insurance. In order to deduct medical expenses, health insurance premiums have to be more than ten percent of your adjusted gross income.
Charitable Gifts
Practically every taxpayer knows that making charitable gifts or donations can yield big rewards at the end of each year. Sadly, that’s why many taxpayers give as much as they do. While most taxpayers know about this benefit, it has been proven time and time again that many taxpayers actually aren’t taking full advantage of this benefit.
For example, money isn’t the only thing that can be deducted. If you make a donation of clothing to the Goodwill, or even if you bake cupcakes for a local charity, the monetary value of your clothes and also the monetary value of the ingredients for the cupcakes can both be deducted.
Babysitter
Have you recently had to pay for a babysitter so that you could go volunteer for a charity? There’s good news! Thanks to a law passed by the federal Tax Court, you can actually include the cost of your babysitter as a charitable contribution. All you have to do is document or prove that your babysitter was working at your home while you were volunteering.
What ways have you been able to deduct from you taxes thanks to your CPA? Leave your comments below.
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