Overlooked Tax Deductions Could Save You Thousands
(Springfield, MO) -- We all have one sure-fire way to save money, but we miss out.
Local CPA Jeff Shore has three rules to help you understand taxes and how to not miss some of the more common deductions available.
The first rule is to have organized and complete records. The second is to understand that part of a good tax strategy is timing the income and deductions to take advantage of tax rates that are favorable. Third, tax planning should happen year-round.
Everyone gets those W-2s in the mail around the same time every year, so the obvious stuff is easy to remember. It's those little known deductions or big events that we don't relate to taxes that get overlooked.
"A lot of people don't realize that there are tax attributes to a lot of things in life that we don't normally think about," says Shore. He says almost every one of those things are going to require you to go out and research something that's not usual. "What happened in the last year? What did you do differently?"
So how are you supposed to know all the rules to get the maximum amount back in your pocket? Well, you can't.
"It seems like they change every day," but you can get pretty close. "Make sure you really understand your circumstances," says Shore.
One example is when you give to charity.
"It's something that you don't think about," but if you get a receipt, you can get a tax deduction. No receipt means no deduction.
New or old points on refinancing are also tax deductible.
"If you buy a new home, obviously you can write it off as part of the acquisition cost of the home in that year of purchase, but in a refinance situation unfortunately, it's a deduction that you're eligible for, but it's going to be a deduction that you're going to have for the whole time."
So it's something that you'll have to track on your return every single year thereafter until the loan is either re-financed or paid off.
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As a number of readers pointed out, the story raises a question: Why was a professional skier with corporate sponsors not covered by insurance? Because Burke was Canadian, wouldn't she have been covered by Canada's universal health care system?
(Springfield, MO) -- We all have one sure-fire way to save money, but we miss out. Local CPA Jeff Shore has three rules to help you understand taxes and how to not miss some of the more common deductions available. The first rule is to have organized
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