Everyone knows that there are tax deductions that can help him or her save money yet everyone does not utilize them. Today, we are discussing four tax deductions that can save you big bucks this tax season.
State and Local Sales Tax
If you live in a state with no income tax, you should take advantage of deducting the state and local taxes instead. You just have to remember to keep your receipts for in the event that you are audited.
Small and medium sized businesses are able to write off 50% of the costs of assets that they purchased for business during 2014. This means that they can deduct up to $500,000 of qualifying assets instead of the projected $25,000. This can help business owners save a large amount of money. Therefore, you want to make sure you check to see if you are eligible for these deductions.
Visit our Shoreline CPA blog to read “4 Things a Sneaky Tax Preparer Will Not Tell You”
Health Insurance Premiums
If you are self-employed, you are able to deduct your health insurance premiums. For some the Affordable Care Act will be expensive but self-employed individuals will get a tax break since they have to pay for their health insurance premiums themselves.
Many taxpayers are aware of the mortgage interest deduction but they are unaware that they can deduct the costs of the points. The costs of the points still have to be spread over the mortgage life but this is a deduction that can help you save.
If you need help with your deductions or need help in other tax areas, look into hiring a professional tax firm to file for you. We suggest reaching out to our tax firm Huddleston Tax CPAs. We are a Seattle CPA firm that specializes in assisting small businesses and individuals. You can reach us at (425) 483-6600.