It’s the peak of tax season, and before you file your tax return, make sure you don’t miss any tax breaks that could save you money.
When it comes to taxes, claiming the right tax breaks can make all the difference.
But many taxpayers ignore the deductions that can represent significant savings.
Miguel Burgos, Turbotax expert and CPA says:
“The Internal Revenue Code provides over 300 deductions and credits, and there are countless that can be ignored.”
Miguel Burgos, Turbotax expert and accountant, points out that taxpayers can claim medical expenses that exceed 7.5% of their gross income.
Up to $2,500 in interest paid on student loans each year, if your income does not exceed a specific limit.
Donations made to qualified charities.
Homeowners can deduct the interest they paid on their mortgages.
They can also include up to $10,000 in property taxes.
Miguel Burgos, Turbotax and CPA expert, says:
“The important thing is that everything is well organized, that everything starts on time and that you can familiarize yourself with the help of experts and tools with your tax situation so that you do not miss anything.”
Before submitting your tax return, be sure to check all the details you include.
The expert warns that many tax returns are rejected because taxpayers claim certain deductions, but do not provide the necessary information.
This is an important reminder for parents who share custody of their children, because if both parents try to claim the same dependent or the same benefits, the IRS may reject one of their tax returns.