This tax season take advantage of the deductions and credits that may be available to you. The following are some deductions you may be overlooking:
- You can deduct sales tax or state income taxes off of your federal income tax.
- Generally, deductible medical expenses have to exceed 10% of your adjusted gross income to be deducted, however, if you are self-employed and have your own health insurance coverage you may be able to deduct the entire premium.
- You may take a deduction not only for charitable gifts, but also out-of-pocket expenses for charitable work.
- If you have lost your job and are looking for a new one in the same field, you itemize your deductions, and your expenses related to looking exceed 2% of your gross income, any expenses over this can be deducted.
- Interest on student loans in your name that you have been paying can be written off.
- You can get a tax credit (which is different from a deduction) worth between 20-35% of what you spend on child care while at work.
These are just a few of the tax deductions you may be able to take. If you would like to speak with an attorney regarding your taxes, please contact HoganWillig at (716) 636-7600. HoganWillig is located at 2410 North Forest Road in Amherst, New York 14068, with additional offices in Buffalo, Ellicottville, Lancaster and Lockport.