As tax season gets underway individuals everywhere are preparing their important tax related documents for individual and joint filing purposes. While most people are aware of the required W-2 forms and potentially 1099 papers, in addition to various amounts of interest from bank accounts and mortgages, not everyone is knowledgeable about just what receipts are needed in order to maximize their tax deductions.
By implementing and analyzing these costs and figures an individual can sometimes lower their tax status and often be refunded variable amounts within their return for qualifying expenses. However, proof of the taken deductions must be readily available and often comes in the form of a receipt from the point of purchases made.
While different for almost every individual, the following broad ranging expenses should be properly documented and receipts kept for each throughout the year. Also, instead of having to go back through drawers of receipts in order to find what it is needed, it can also be beneficial to keep these papers separated by each of the following categories.
Medical Related Activities
If electing to itemize your tax return, a surprising amount of medical deductions
are available for qualifying individuals. These include many out-of-pocket expenses to doctors, dentists, and others plus some insurance premiums, and copays for prescription drugs.
Childcare Related Activities
Most individuals who pay an outside agency or person to provide care for their dependent during the workday or anytime are eligible to receive a credit for their expenses. This credit is available until the child or dependent reaches 13 years of age.
Work Related Activities
Whether self-employed, working for someone, or a company the tax deductions available are plenty. These receipts will be needed in addition to other information, such as who attended and what business was discussed or handled - especially when dealing with qualifying expenses associated with meals and entertainment.
Self-employed tax deductions
include big items like a home office down to potential magazine or radio subscriptions. Other employee types can benefit from expenses associated with work related activities that are not reimbursed by the employer but accurate records are a must.
The experts at Bloch, Rothman, and Associates
can help you determine which deductions will be most beneficial to you and what records are necessary in order to claim them. In addition to providing expert tax advice, we can also assist with a variety of bookkeeping and other payroll options.
These associates at Bloch-Rothman can help analyze and compile data for your unique tax situation, along with finding resolutions for your issues and estate complications making certain you receive the most profitable deductions on your return. All of their excellent services can and will be completed in a timely manner in addition to accounting for any potential restrictions or tax deadlines. Whether you need an explanation for a random tax form, are in need of appropriate representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us
for your initial free no obligation consultation.