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Tax Deductions |
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Current Tax Deductions |
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You and Your Family Make sure you are claiming the proper child tax credit amounts. In addition, if you pay someone to care for your children so you can work, you may be eligible for a tax credit of up to $2100. Qualifying expenses include babysitters, day-cares, and private nursery and preschools. Medical Expenses Itemized medical expenses that are not covered by insurance can be deducted, including doctor’s visits, medications, tests, equipment, and travel expenses. You can even deduct insurance premiums you pay to cover hospital, surgical, and other medical expenses. Education Costs Paying for college for yourself or your dependants? The Hope Tax Credit, Lifelong Learning Tax Credit, and Tuition and Fees Deduction can provide valuable tax breaks if certain conditions are met. Your Home and Car If you have been caught in the mortgage crisis and your home has been foreclosed, the forgiven debt is not taxable. Buying a new home for the first time? There is a special first time home buyers tax credit for 2010. Use of your personal vehicle for business expenses is deductible—the current standard mileage rate is $.58.5 per mile. You can also deduct parking fees and tolls that are business expenses. Going green? Energy improvements to your home such as solar panels and insulation and the purchase of a hybrid or electric vehicle can result in a tax credit. New car purchases also receive a deduction this year on sales and other applicable taxes. Charitable Contributions In addition to cash donations, donations of property, clothing, and used cars can be deductible if you provide documentation on the value of your items and a receipt from the charity. Business Travel and Entertainment Expenses If you maintain good records, business expenses not covered by your employer are deductible, including airfare, hotel, convention costs, meals, and entertainment for clients. Your Job and Business Job related expenses such as job search costs, work clothes and uniforms, tools and equipment, and other expenses may also be deductible. If you use part of your home for an office and/or have acquired other business expenses as an entrepreneur, these amounts may also be deductible within certain limitations.
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Save Money—Know What is Deductible—Check this page for updated information |
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Cloe Sill Bookkeeping & Tax Services |
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For more information on available deductions and how to make the most of your tax breaks this year, call us at Cloe Sill Bookkeeping and Tax Services, 830-257-1040, or email Cloe. |
