Most folks looking for tax deductions focus on things like mortgage interest, real estate taxes and charitable donations. But tax rule changes that applied in 2013 made them less valuable in cutting taxes for an increasing number of taxpayers.
Who doesn’t want to save a little (or a lot of) extra money at tax time? Claiming all the deductions for which you are eligible can significantly reduce your tax bill.
So what may trigger an audit?
College is very expensive. Congress and the IRS have given us ways to offset education costs.
It’s time to dig out those receipts for last year’s charitable contributions.
The cost of day camp can count as an expense towards the child and dependent care credit.
Nobody wants to think about taxes in the middle of summer but it is a good time to put taxes on the radar screen.
So what can you deduct if you are self-employed? A lot!
Most of us keep too much of the paper that comes into our homes.
Most audits are simple paper audits where they send you a letter asking for supporting documentation.