It seems that the tax code gets more and more complicated each year. But no matter how complex it may be, the bottom line question for any taxpayer is how can I lower my tax bill.
The answer to this question is actually quite easy. Take a little time to investigate the tax advantages that are due to you and take them.
See a complete guide to tax credits online by clicking here.
Now if you are a tax veteran, you will most certainly be aware of common credits for your children, mortgage interest, and charitable contributions.
However, these often overlooked tax savings are missed because most people don't know much about them.
1. Did you make improvements to your home this past year?
If you have, try to remember what you did. If you used energy efficient products, you may be able to deduct thirty percent of your cost. This credit is capped at 1500 bucks.
Find other home energy tax credits.
2. Did you know that you might be eligible to claim your aging parents as a tax deduction?
Given the rising costs of medical and living expenses, it is becoming more and more common for children to help their parents out. If you provided for over 50% of your parent's care during the year see if you should be getting a tax credit.
3. Now, you almost certainly know about deduction your home mortgage interest. Less commonly known though, is that you can take a deduction for mortgage origination fees.
If you bought or even refinanced your principal residence, you should look back at your good faith estimate. If it shows that you paid origination charges or points on your loan, you are able to deduct these charges on your taxes.
4. Did you buy a new car in the past twelve months?
You could be in line to use the sales tax on this purchase as a write-off on your taxes. The amount you are entitled to take will be affected by your income level and filing status.
These credits are just a few common ones that are overlooked, but even if they don't apply to you, it should make you more aware of the many different types of credits you are entitled to take.
The answer to this question is actually quite easy. Take a little time to investigate the tax advantages that are due to you and take them.
See a complete guide to tax credits online by clicking here.
Now if you are a tax veteran, you will most certainly be aware of common credits for your children, mortgage interest, and charitable contributions.
However, these often overlooked tax savings are missed because most people don't know much about them.
1. Did you make improvements to your home this past year?
If you have, try to remember what you did. If you used energy efficient products, you may be able to deduct thirty percent of your cost. This credit is capped at 1500 bucks.
Find other home energy tax credits.
2. Did you know that you might be eligible to claim your aging parents as a tax deduction?
Given the rising costs of medical and living expenses, it is becoming more and more common for children to help their parents out. If you provided for over 50% of your parent's care during the year see if you should be getting a tax credit.
3. Now, you almost certainly know about deduction your home mortgage interest. Less commonly known though, is that you can take a deduction for mortgage origination fees.
If you bought or even refinanced your principal residence, you should look back at your good faith estimate. If it shows that you paid origination charges or points on your loan, you are able to deduct these charges on your taxes.
4. Did you buy a new car in the past twelve months?
You could be in line to use the sales tax on this purchase as a write-off on your taxes. The amount you are entitled to take will be affected by your income level and filing status.
These credits are just a few common ones that are overlooked, but even if they don't apply to you, it should make you more aware of the many different types of credits you are entitled to take.
About the Author:
Don't miss out on money you deserve as a refund. Click on http://taxcreditsonline.net, which is a complete guide to walk you through exactly how to save money on your taxes. Let Tomas Sangold walk you step-by-step through commonly missed credits that will help you keep more of your money.