people across the country are still likely scrambling to get their taxes completed
on time and without errors ahead of that infamous April 15 deadline. However,
in hurrying to get the job done, they might overlook a number of valuable
deductions which could otherwise serve to limit their tax liability and
potentially put them in line for a larger refund.
Perhaps the most overlooked tax benefit available to all consumers is
that they can write off as the cost of getting their taxes prepared by a
professional, or even if they bought a software program to do it themselves,
according to a report from the Motley Fool. While this might help them to save
just a few hundred dollars, it's certainly better than nothing, and can be
extremely valuable overall.
people who suffer losses due to bad investment deals such as Ponzi schemes can
also write off at least a portion of this amount, the report said. While this
may take a special form to obtain, taxpayers who file for such deductions may
see a significant benefit from doing so.
This is also
true of gambling losses, to some extent, the report said. The value of such
losses can be cut from consumers' tax bills as long as they are itemizing their
deductions, and the value of losses they claim cannot exceed their winnings.
However, it should go without saying that consumers will have to keep careful
records of these losses if they want to claim them, because doing so can very
easily prompt a closer look from the Internal Revenue Service.
expenses that can be written off
Of course, not everyone loses money on gambling losses or investments in Ponzi
schemes, but those who use their car for work, medical purposes, or moving can
write off a certain amount of money per mile, depending on their situations,
the report said. Likewise, those who went on job searches can write off those
costs as well, also based on meeting certain qualifications.
hoping to maximize their annual deductions might want to work with a tax
professional to do so, as these workers may be far more familiar with all the
benefits that may be available to them, and can therefore help to boost the
likelihood of their receiving a sizable return.
For a more
in-depth look at Liberty Tax Service, visit the Give Me
Liberty! Magazine. Follow Liberty Tax on Facebook and on Twitter or contact
Liberty Tax directly at 1-877-at-Liberty.