Tax Deductions are all around you. Many individuals who are self-employed, do charity work, or are purchasing a home have a variety of tax deduction options that are hidden within a litany of tax law. This is where Levy & Associates comes in. Hiring a tax representative from Levy & Associates is the best way to maximize your tax deductions and receive the largest possible return for your work.
Boasting over twenty years of experience, Levy & Associates is committed to helping each individual receive the most money in their pocket when tax season rolls around. Those who don’t keep track of their tax deductions can miss out on a great deal of cash, but those who meet the threshold to start itemizing their deductions can begin seeing returns today. Levy & Associates can help clients receive returns on these areas and many more.
Car Tax Deductions
Even if you aren’t someone who can itemize tax deductions, there are a few standard deductions that anyone can take advantage of. One of the latest tax deductions was introduced by Congress to boost the auto industry and involves those who have purchased a new car over the years. Tax breaks are given to anyone who has purchased a new car recently and has documentation to prove their purchase. Levy & Associates is up on all of the new tax laws and can help clients receive tax deductions in a variety of areas they never thought possible.
Real Estate Tax Deductions
One of the newest standard tax deductions is the real estate tax break. Those who file their taxes singly can deduct up to $500 in real estate taxes and joint filers can deduct up to $1,000. This new law was introduced so young homeowners could also take advantage of these tax deductions even if they didn’t meet the requirements to itemize their deductions.
Media Extended from School to your Job
Students who were unable to deduct their school books may find that they still qualify for tax deductions on them. Those who have graduated can sometimes write off their old school books as part of their professional collection as long as they are still used for their line of work. These tax deductions can add up quickly as students may find themselves paying thousands of dollars purchasing books.
Tax Deductions for When Disaster Strikes
Also relatively new in the world of tax deductions, there is now a standard deduction for those who have experience losses in a federal disaster area. Those who have lost property in certain areas that weren’t completely covered by insurance can use a standardized tax deduction. Levy & Associates can be instrumental in helping clients recover some of their losses in federal disasters and help determine a fair price for the property. With the disaster tax deduction, you can’t claim the full value of your property, but you can use a standard deduction based on what the price would be if it were sold in the condition it was in before lost.