When it comes to tax time in April, everyone is stressed and trying to do their taxes in a hurry. Everyone is looking to save some money with tax write-offs or tax deductions. These are the expenses that are subtracted from their taxable income to reduce income tax. However, there are a lot of tax write-offs that a lot of taxpayers don’t know about. These tax write-offs can save them thousands of dollars! Who doesn’t like to save money? Here are some tax deductions that every tax preparer in Brooklyn should keep in mind during tax time in April:
Charity
If you give something to charity (such as money, clothes, furniture, etc), the value of your donated items can be used as a tax write-off. Just get a written receipt from the charity or donation site. If you give something to charity and cannot get a receipt, then come up with an amount of the items you donated and use it as a deduction.
Education
If you are a qualified or certified educator, you may be able to get a tax write-off for the supplies that you bought for your lessons or classroom. Supplies include books, computer equipment, and office supplies.
Higher Education Expenses
See if you qualify for the American Opportunity Tax Credit for the first four years of undergraduate work or the Lifetime Learning Credit for undergraduate and graduate work. You may be able to get a tax write off just for sending your child to college and paying the expenses.
Energy Saving Home Improvement
Have you done any home improvement or house remodeling or house construction lately that could be considered green or energy saving? Homeowners who install alternative energy equipment (such as solar panels, wind turbines, and geothermal heat pumps) can take a credit of 30% of the total cost.
Tax time in April can be stressful because taxpayers want to save money. With these tax deductions, the tax preparer in Brooklyn may be able to save even more money. These are only some of the tax write-offs that taxpayers may be qualified for. You may want to speak with a professional tax preparer to find out if there are any other write-offs you qualify for. If you have questions, you can read more here.
