Tax Deductions - Are You Taking All You Are Qualified To?

You May Be Missing More Than You Know

tax deduction Deductions are like finding extra money in your wallet, that you didn't know you had in there. It's always nice to have extra money. When you're filing your taxes, you want to get every deduction you qualify for. The best place to start is with your previous year's tax return.

By looking at last year's return you'll be able to see what deductions you qualified for then, and see if you are still entitled to the same type of deduction this year. If you do not qualify for the deduction, you should make certain that you understand why, Ask your tax preparer if the statute has changed or if your status has changed.

Have you had a prosperous year? This can change deductions for you as well. Did you buy or sell a home? Gain or lose a rental property? Did you make a million on the stock market? All of these things and many more can change what you can write off as a tax deduction as well as change your tax bracket.

When you see your tax preparer, make certain you bring in your documentation. This will help you to defend your deductions. If you have medical expenses that are deductible it helps to have documentation to back it up.

While your qualified and experienced tax preparer should certainly be well ahead of the game in knowing which deductions apply to you, it never hurts to be prepared when you go into the office to get your tax return prepared. A helpful deduction checklist can be downloaded here to help get you started. Should you have any questions, the Tax Specialists at The Tax Office, Inc., are ready with the answers. Contact us now.