Change Locations - What Can I Deduct on My Taxes to Maximize My Refund?
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Expenses incurred during the tax year to move to a new location for employment reasons are deductible. There are certain tests that need to be met but if you qualify then you can deduct expenses incurred while house hunting, storing personal house hold items, lodging during the move, as well as transportation.
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Did you try your hand at self employment last year? Success or failure does not govern the deductibility of many items. Cell phone, computer expense, wages to children and spouse, internet costs, and home office are only the tip of the iceberg for self employed individuals. Consult with your tax adviser to ensure you structure your personal situation to maximize these deductions.
This next one is one of my personal favorites and one that most tax professionals are not even aware of. Within the past 1 to 2 years have you loaned money to a family member or friend and not been repaid? Amazingly you can deduct this as a worthless debt on your personal tax return.
Mileage is deductible if you are self employed but did you know you can also deduct miles driven to a from doctor and hospital visits? Also miles driven for charities such as your church are deductible. The rates change each year but for 2010 the medical rate is $.16.5 per mile and $.14 per mile for charity. This may seem like peanuts but start adding these miles up and you will be amazed at how much you could have been deducting all these years.
Educator expenses found on line 23 of the 1040(2009) is one that applies primarily to teachers. When a client who is a school teacher asks me what can I deduct on my taxes I immediately make them aware of this deduction. Consult with your tax adviser for current year limits and proper documentation.
Have you heard of the "Additional child tax credit?" Most people know of the child credit as it gets quite a bit of media attention but the additional child credit in many cases is more than the child credit. Make sure you or your tax preparer is claiming this one.
When clients give me their K-1s from an S-Corporation or Partnership I ask them what expenses they have. Most people do not consider themselves self employed in this situation but if they are actively participating then they are entitled to the same deductions as other self employed individuals. Be sure to make your tax preparer aware of this so they are able to maximize your benefit.
Even though you may not be self employed in any way shape or form you are still employed in some capacity. Expenses incurred that are unreimbursed by your employer are deductible to you if they are ordinary and necessary for your employment. Consult with your tax advisor and start documenting these expenses and make sure you are taking all that are available.
You may have your question "What can I deduct on my taxes?" answered in the previous paragraphs but if not or you have other tax related questions you are welcome to contact me through email. Either I or a member of my staff will respond. Simply follow the links at the bottom of this page to my website where you can find my email address.
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