The United States tax code offers a variety of personal tax deductions that can help maximize your return and give you some extra cash. Personal tax deductions are available to all taxpayers, but differ depending on a few aspects. In order to assure that you are getting the most back from your personal tax deductions it is wise to hire a tax expert to help define exactly what you can deduct.
Levy & Associates offers advice from a variety of experts committed to making sure that your tax return is as rewarding as possible. For over 20 years, the professionals at Levy & Associates have been supplying customers with the advice they need to maximize their personal tax deductions.
When it comes to personal tax deductions, the most important thing to realize is the difference between standard and itemized deductions. While standard deductions are easier, itemized deductions have the potential to give you a better return. Itemized deductions are available to all taxpayers and it’s important to know which personal tax deductions available to you and how to obtain them.
Common Personal Tax Deductions
A large area of personal deductions include medical expenses, mortgage interest expense, charitable gifts, and theft losses. Depending on your profession and certain elements, you may exceed the limit of personal deductions. The limit is usually a percentage of their adjusted gross income. Other deductions that take effect on adjusted gross income generally apply to the individuals profession. Professions such as being a teacher can provide you with personal deductions incurred with out of pocket expenses. Also, those who are self-employed are allowed personal deductions that remove tax liability as well as dollars spent.
Students are also able to receive personal tax deductions that are associated with student loan interest. Those returning to school at a later age find this incredibly useful as it helps pay for student loans and allows them to get an education. For example, those with children may be subject to some personal tax deductions, but are exempt from others.
By knowing the personal tax deductions that apply to you and consulting an expert, it becomes possible to get a much higher return come tax season. Many personal tax deductions are often overlooked due to lack of knowledge in the field and an unawareness of what one can receive money for. Before doing an itemized deduction, consult the experts at Levy & Associates in order to receive the highest tax return.