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Useful Info
TAX GUIDE
A Deduction Check List
Don't overlook tax deductions
Finding every tax deduction for which you qualify is like finding money. Tax deductions generally come in two categories - those you can take only if you itemize on Schedule A and those you can take even if you don't itemize (you use the standard deduction instead).
To make the most of your deductions every year, start by reviewing your prior year's tax return. Identify each write-off and determine whether you're entitled to the same type of deduction for the current year. If it appears that you aren't or if a deduction is significantly lower than in the previous year, make sure you understand why.
Also, review your activities during the year, since out-of-the-ordinary events sometimes trigger tax deductions. For example, you may be entitled to additional write-offs id you bought or sold a home, refinanced a mortgage, or suffered a casualty loss during the year.
Protect your deductions by keeping the documentation you need to support them. If you do not have adequate substantiation for a tax deduction, you may lose the deduction and pay more tax as a result.
Use this checklist to help find the deductions that could cut your tax bill.
Your Home
Your Work
Your Investments
Your Family
Medical Expenses
Charitable Givings
Miscellaneous Expenses
NOTE: Some excess deductions can be carried over to future years, and these are often easy to overlook. If you've ever incurred a large capital loss, paid a significant amount of investment interest, or owned a "passive" investment, you may be entitled to a carryover deduction.
For assistance in identifying all the deductions to which you're entitled, contact our office. We're here to help you pay the lowest tax allowed by law.
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