Tax season is upon us, and we all want to save money on our tax bills. But tax laws are so complicated that it’s tough.
There are a lot of deductible expenses you might be able to take advantage of which perhaps you haven’t considered, so we’ll mention just a few here. However, remember to get your appointments booked and paperwork in soon so we can go over your individual situation!
OK, one common missed deduction is expense incurred for using a home office. Especially since the work from home movement took off, this one can really add up. You can deduct items such as computer equipment, internet service, electricity bills, office furniture, and more.
You can also deduct mileage for business use. All you have to do is keep a log of your trips. This deduction also has the power to add up quickly, as the standard deduction for 2022 was 58.5 cents per mile from January 1 to June 30, and then increased as of July 1 to 62.5 cents per mile for the remainder of the year.
While we’re on the topic of mileage, if you do any driving while conducting business for a charity, church, or other non-profit, you can deduct that expense as well, though the rate is at a lower 14 cents per mile.
If you pay for childcare, you may be eligible for the Child and Dependent Care Tax Credit. This one is not a deduction, but is actually better, as a deduction simply lowers your taxable income, but a credit puts money directly into your pocket. This credit can be used for a variety of childcare options, even including summer camps.
There are many others, such as the saver’s tax credit, health savings account deductions, student loan interest, and jury pay given to an employer, just to name a few.
Ask us about any deductions you think you might be eligible for. You can set an appointment up today with Mimi and Jackie by calling us at 706-632-7850 or emailing our office manager Kimberly Mortimer at kmortimer@premiertaxsuccess.com.