What Deductions Can be Applied to Your 2016 Tax Return?

Tax lawyers in San Antonio remind you that you want to get the most out of your 2016 tax return so be sure all reporting is accurate and legal.

Every year, each taxpayer in the U.S. is responsible for reporting all of the income they have taken in by filing their tax return. In some cases, a person may realize they paid the government a little too much over the course of the prior year while others didn’t pay enough on the amount of money they made. When this happens, a person may owe the IRS money as opposed to qualifying for a tax refund. Obviously this isn’t an ideal situation for anyone as that income is probably long gone and it isn’t exactly easy to round up hundreds or even thousands of dollars to give back to the IRS. So what can you do to get your taxable amount of income reduced?

File for Deductions

A deduction is a qualifying amount you spend that can be subtracted from the total income you took in last year. It all comes down to how you file, whether or not you itemize, and if you meet certain criteria to even be able to apply this deduction to you return. It is always advisable to have a professional working with you who understands how this process works.

Do You Qualify for These Deductions?

According to an article shared on Good.com, there are some uncommon tax deductions that many taxpayers fail to claim. And these can heavily impact whether you make some of your hard-earned money back or if it remains in the hands of the IRS. Remember, you made the money and paid the IRS their taxes, so tax time is an opportunity for you to attempt to get some of that money back. Below are some of the deductions you may qualify for and want to have your preparer apply to your return.

  • Charitable donations you paid for out-of-pocket- if you gave away clothes, shoes, or even other household goods, you can claim that deduction on your 2016 tax return.

    San Antonio tax fraud attorney
    Deductions help reduce your taxable income and may even increase your chances of getting a tax refund.
  • Moving expenses- Did you move in the last year for work-related purposes? If you were required to move more than 50 miles away the IRS will in fact allow you to deduct this money spent.
  • Tax preparation fees- If you paid an accountant or tax preparer to file your legal documents last year, you can report this expense to the IRS and use it as a deduction.
  • Work uniform costs- If your employer requires you to purchase a specific type of uniform for your job, a deduction can be filed for the amount you spent for that year.

When reporting deductions, always remember that the information you file is accurate and true. Individuals find they get audited more when they have suspicious deductions or are claiming the maximum amount for each one. If you ever receive a letter from the IRS stating you are being audited, contact USAttorneys so they can help you find a knowledgeable tax attorney in San Antonio, TX. The last thing you need is to have an issue arise with the IRS.

  •  
  •  
  •  
  •  
  •  
  •  
  •  

By | 1:19 pm | Categories: Uncategorized | 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *