Tax Consultation: Most Common Deductions

Tax Consultation: Most Common Deductions

Tax Consultation and Advice: What are the Most Common Tax Deductions?

Tax Consultation on DeductionsOne of the most commonly asked questions we receive during a tax consultation is if someone has itemized all their deductions properly. It’s a great question because if you’re not itemizing your deductions, or you’re leaving things out, you could be missing out on a bigger refund. Or worse, you could owe more than you should. Nobody wants that to happen to them, so today in the Jeff Pickering tax consultation blog, we advise you on some of the most common deductions to include when filing your taxes.

Standard Deductions

First, let’s talk about standard deductions. Chances are, this is what most taxpayers opt for. That’s because it’s simple and you don’t really have to keep track of anything. However, if you itemize your deductions, you may be better off, depending on your situation. Of course, before deciding whether or not you should itemize your deductions, it’s best to get a tax consultation. This will help you make the most informed and best decision for your specific situation.

Itemized Deductions

Once you’ve decided that itemizing your deductions is the best way to go, you’ll have to make sure you start keeping track of everything. This way you’ll be prepared when it’s time to file your taxes instead of scrambling for information.

Commonly Itemized Deductions

Medical Expenses – You can deduct medical expenses to a point. The only stipulation is that your expenses have to be more than 7.5% of your adjusted gross income. If this is the case, you can include them in your deductions.

Homeowners – If you pay a mortgage, you can deduct things such as mortgage interest, property taxes, and mortgage insurance. Ask during your tax consultation how much of these you’re able to deduct.

Charitable Donations – If you’ve given to charity, you may be able to deduct your donations on your taxes. You have to make sure to get a receipt or some sort of record that shows how much you donated and on what date. It also needs to include which organization you donated to.

These are just a few of the most common itemized deductions you can include on your taxes. Consult Jeff Pickering CPA during your tax consultation to see what else is available to you.

URL Your Tax Consultation

To get your taxes done right, and get the biggest refund or owe the least amount possible, contact Jeff Pickering, CPA to schedule a tax consultation. We will not only do your taxes but will also be available to answer your tax questions year-round. That’s the benefit of having a tax professional on your side. Call today for more information.