We are so excited to bring you a new post From the Experts! April 15th is drawing closer and we hope today’s post will save you some money this year on your taxes.
Here at Once Upon a Time Creation, our mission has always been to support your love of family as you treasure special moments, both big and small. I love to hear the stories behind your cherished keepsakes and understand, through all of you, that each stage of life presents us with new challenges. As life twists and turns, there is always a new experience that keeps us on our toes, reminding us that the more we know, the more there is to learn. I truly believe that “it takes a village” and that we are all in this together.
To support you in those big events and small moments, we are partnering with experts in their field to bring you advice on topics relevant to today’s family. We have a fantastic line-up in store for you!
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Taxes, taxes, taxes! Yes, it is that time of the year. Are you scrambling to gather your documents and receipts to file online or meet with your tax professional?
As you rush to get your taxes done, don’t miss deductions that could significantly increase your refund. Below are some of them.
- Moving related costs. If you relocated in the last twelve months, you might qualify to deduct moving costs. You are able to deduct the expenses of moving your individual possessions, along with your trip expenses to the new location provided that you are relocating a minimum of 50 miles from your prior home.
- Student loan interest. You could deduct up to $2,500 in student loan interest paid.
- Home office expenses. Don’t be afraid of this one. Especially if you have a home-based business. If you have a home office and satisfy the following checks, you can take the deduction.
- Consistent and exclusive use of the office for business reason
- The office has to be the primary location of your home business
- When you are an employee, the home office has to be for the benefit of the employer, and you cannot pay rent for any portion of your house to your employer for the business purpose
- Charitable contributions. These consist of charitable payroll deductions, cash donations to your place of worship, funds given to door-to-door charities and charitable mileage. Don’t forget estimates for clothes and household items donated to groups like Goodwill.
- Job-hunting costs. If you’re among the millions of unemployed who were looking for a job in 2015, then you can deduct some costs you incurred. Deductible costs include, but aren’t limited to:
- Transportation expenses incurred as part of the job search, including 57.5 cents a mile for driving your own car plus parking and tolls
- Food and lodging expenses if your search takes you away from home overnight
- Cab fares
- Employment agency fees
- Costs of printing resumes, business cards, postage and advertising
- Health insurance premiums for the Self-Employed. This deduction is available whether or not you itemize and is not subject to the 7.5% of AGI test.
Because the federal tax law changes every year it’s best to consult a tax professional to be certain you are not missing any deductions or taking a deduction that simply is not allowed. Having your files, documents and receipts in order can relieve stress come April 15th. If it’s not something you like to do, there are solutions, such as using an online accounting system or hiring a bookkeeper to do it for you.
Sue Pellegrino is a certified bookkeeper and an IRS appointed tax filer. She helps individuals and businesses with keeping efficient records all year long and guides them through the income tax process. Please contact Sue at email@example.com or 610-220-7441 to discuss how she can organize your paperwork or home office.