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Every year, millions of Americans overpay on their taxes, largely due to failures to claim the full value of the deductions and credits they deserve. Before filing your tax returns for 2016, take a moment to see whether you qualify for any commonly overlooked deductions that can help minimize your tax liability and qualify you for a refund.

For instance, many American taxpayers forget to claim such deductions as:

  • State Sales Tax: The IRS allows taxpayers who itemize the chance to deduct either the amount paid on state income taxes or state sales taxes. In some cases, deducting income taxes may save you more money, but in others, deducting sales tax may be the best route. The IRS maintains a calculator showing how much residents of each state will be allowed to deduct before adding in major expenses, like real estate and vehicles.
  • tax returnChild Care Credits: Depending on whether your employer offers child care reimbursement, you may be eligible for a credit of 25% to 35% of your expenses.
  • Charitable Deductions: You likely won't forget large donations made to qualified charities, but what about smaller contributions made throughout the year? Even if you've just prepared meals for a local nonprofit, donated unwanted clothing, or made a small monthly pledge, you should keep receipts and claim those deductions on your tax returns.
  • Job-Hunting Expenses: As long as you were pursuing employment in the same field as your previous or current position, you're allowed to deduct most of the expenses you've incurred. If you add up what you paid for resume printing, food, and tolls, the deduction can be fairly substantial.

With offices in both High Point and Greensboro, Sharrard McGee & Co PA has been providing high-quality tax counseling and accounting services to the Triad for nearly 40 years. Visit their website now to learn more about their tax return preparation services, like their Facebook page for more tax advice, or call (336) 884-0410 to make an appointment today.

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