Tax season is here and most of the time we miss the opportunity to maximize the tax credit we can get just because we forgot about them. If you are about to file your tax make sure you read this and take advantage of this deductions if you can.
- Remember to deduct the Tax preparation Fees. Whether you use a professional person or online tools, make sure you add this to your deduction.
- Retirement savings contributions credit and Saver's credit - If you put aside money for this (i.e. 401K, IRA) then you shouldn't pay taxes for whatever you contribute. Make your records ready so it's easy to find them when you are ready to file your taxes.
- Head of household credit - If you are a single parent don't file under Single, instead file as a head of Household to maximize your deductions.
- Moving Expenses - If you move for work then you can deduct this. Just make sure you move at least 50 miles from your previous address.
- Driving miles - If you own a business and drive for work using your car then you can deduct the miles you use when you do business for the whole year.
- Home space credit - if you are working from home, you can add the space you are using in your home as your office space. It is not a lot of deduction but still you can add this when you file your tax.
- Earned Income tax credit (read more about this here)
- Dependent care credit. If you have a child and or elderly living with you for at least 6 months and you take care of them then you can get a credit for this.
- Learning Credits - If you are studying or have a kid/spouse who is studying, then you can be qualify for a deductions.
- Car Registration fee credit - Dont toss that paper every time you register your car coz you can earn a credit from it too.
- Energy efficient credit - did you fix your house for a more energy efficient roof or window or whatever you do did, make sure you save your receipts and ask for a credit.
- Donation credit - if you donate every year, dont toss the paper they give you coz you can use it to deduct taxes as well.
Remember to file your taxes by April 18, 2018 and hope you get the biggest refund possible this year!
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