Christmas shopping is done and the parties are planned and paid for. Now is the time to consider how your financials will pan out in 2016. It may be a scary thought considering how your bank account might be affected once tax season comes around, but there are several tips you can follow to help increase your refund.
Avoid the hassles of the upcoming tax season. Get in touch with us to learn how we can ease the process.
If You’re Relocating
Did you happen to move to a new residency at some point in the past year? If so, it’s quite possible that your moving costs can be deducted. It’s also possible that you may be able to deduct the expense of moving your individual possessions on top of moving costs so long as your new home is at least 50 miles away from your former residence and you find employment within a certain timeframe.
A majority of college graduates have to deal with student loan debt. The good news is that if you are paying student loan interest, the fee could be deductible after an income check. It’s possible to deduct up to $2,500 in interest from a student loan.
The Benefits of Working from Home
If you happen to own a home office, you can deduct costs if:
- The office is used exclusively for work-related purposes
- The office is the main location of your home business
- You are an employee with a home office, said office is used only for the benefit of your employer
- You do not pay rent for any portion of your home to your employer
Get in touch with our CPAs for more information concerning home offices.
Charitable deductions fall under the following:
- Charitable payroll deductions
- Donations to religious establishments
- Monetary funds given to door-to-door charities
- Charitable mileage
Always make sure that if you plan on deducting charitable donations, keep a strict and organized file of the amount(s) you’ve given out.
Don’t Wait Any Longer
Get started now to ensure your tax experience is as smooth as possible in 2016. Our CPAs in McAllen are available to answer your questions concerning deductions or other tax-related matters. Call us or stop by our office today.