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Tax Hack: Deductions

Tax Hack: Deductions

A little life hack or better yet “tax hack” for you to get your taxes in order and know which deductions you may qualify for this year. Tax season is just around the corner, and we are sure that you have started googling your life away trying to figure out what to do. Luckily for you we are here to save your day! There are plenty of sources out there since the beginning that claim to know what they are doing, but why not trust someone who has been in the biz for many years helping out influencers

Each case is particular, and you should always talk to your CPA first, but we are about to give you the breakdown of what could count as a deduction for YOU this season!

Tax Hack: Types of Deductions

Home Ownership

  • Mortgage Interest Statements
  • Real estate and personal property tax

Charitable Donations

  • Cash amounts donated to houses of worship, schools, and other charitable donations
  • Records on non-cash donations
  • Miles driven for charitable purposes

Medical Expenses

  • Amount paid for healthcare insurance and to doctors, dentists, hospitals

Childcare Expenses

  • Fees paid to a licensed day care center of family day care
  • Wages paid to a baby-sitter

Educational Expenses

  • Student loan interest
  • Form 1098-T from educational institutions

Job Expenses & Tax Prep Fees

  • Employment related vehicle expenses (tolls, gas, mileage, maintenance, parking)
  • Employment related expenses (dues, tools, uniform cost, travel)
  • Job hunting expenses
  • Record of moving expenses not reimbursed by employer
  • Amount paid for preparation of last year’s tax return

Always keep record of what you have done for the year, who has given you products and services even when there is no contract or form proving so.

If you need any help Semaphore Tax is always here to help. To get in contact with one of our experienced tax professionals, or call us at 866-736-2444.

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