Tax Deductions You May Be Missing Out On
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 from 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 for 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.