Tax Service the most Missed Deductions
Tax Service in Akron, OH
We are a tax service in Akron, Ohio and can assist in your Tax preparation. Filing your taxes can be a daunting task, especially if you’re unfamiliar with the process. Finding the best tax service in Akron Oh Taxes, near me, for tax preparation for a simple tax return shouldn’t be hard. Whether you have a basic return, a small business, or even a rental with personal property taxes, our tax pros can handle your Internal Revenue Service issues, calculate your taxable income, and electronically file your tax documents. We love new clients and small businesses. Basic Taxes Prepared for $130. Businesses and rentals start at $220.
Complex Tax Code
The tax code is complex and ever-changing, making it challenging to keep up with the latest changes. Even if you do your best to stay informed, there’s always a chance that something could slip through the cracks. If you want a larger refund from the IRS, our tax experts will review your tax documents and make sure you get the income credit you deserve and lower your tax liability.
Our services also include assistance with understanding eligibility requirements for certain deductions and credits. Let Akron Income Tax Co can take the hassle out of your tax filing. Our tax filing options are at very reasonable service fees. We are so reasonable, we get a lot of new clients just by referral.
We’re experts in the field, and our team will make sure that your return is filed correctly and on time. We also offer various tax services to help you save money and get the most from your return. Contact us today for a free consultation or free tax help.
Tax Refunds depend on taking all deductions and tax credits
Knowledgeable and experienced tax preparers will make sure you get all the deductions and tax credits that you deserve. We have over 30 years of experience in preparing taxes. You can count on us! Our professional tax preparation software has up-to-date options to lower your tax bill. Professional experienced preparers are a much better option to lower your taxes than an inexperienced TurboTax user or a free Vita preparer.
Tax Service Most Overlooked Tax Deductions
Yes, you have found the best tax service near me with just 130$ tax prep fees. You are used to paying your taxes, but you might not be used to getting money back. Look to us for tax preparation in Akron, Ohio. To make sure you don’t miss out on your most overlooked tax deductions again, here are some of the most commonly missed personal income tax deductions when filing taxes:
Charitable Contributions
You are no longer eligible for this deduction on a short form. But if you can still file a long form, charitable contributions will still be deducted. But other deductions can be used even on a short form! Professional tax services can assist you in getting the maximum tax refund you are entitled to. This standard deduction can include anything from donating to goodwill to cash donations to a qualified charity, which are considered deductible expenses and can also result in dividends for you. You will need proof of donation from the organization, so keep track of what you have done and what organizations you have supported.
Medical Expenses
Suppose your medical expenses add more than 7.5% of your adjusted gross income (AGI). In that case, you may be able to deduct some or all of the amount you paid for medical expenses for yourself, your spouse, and any dependents claimed on your tax return.
It’s essential to have documentation of all medical costs if it’s needed later for tax-deductible purposes. Make sure your receipts include the date and type of expense and information on who was receiving treatment/care.
Moving Expenses
If you moved because of a new job or change in employment status, you might be able to deduct some or all of the moving expenses related to your moving process. This deduction’s only condition is that you are moving more than 50 miles away and your adjusted gross income meets the required threshold.
The Taxes You Paid Last Year
If you paid the state, state, and local taxes last year, you could save money by deducting that amount from your previous income. This is something that most people don’t know.
The yearly income tax someone has to pay applies to their last year’s income. Suppose your previous year’s taxable income was $100k, and you have paid the income tax out of it. So, what will be your in-hand income then? Of course, it will be less because you have paid the taxes out of your $100k. Therefore, the following year’s state income taxes will be applied to that in-hand income. Tax planning is an important step to keep your taxes under control.
So, this is how you can save some bucks while paying the yearly income taxes.
Jury Fee Given to Employer
You may know that everything you earn is considered for your annual income tax. But, if you are serving on Jury Duty and your employer is giving your full salary, this could be a problem because the IRS will charge income tax based on your salary and jury fees.
While serving Jury Duty, many taxpayers hand over their fees to their employers. If you are doing the same, you can mention this in your tax return papers and get a deduction of the equal amount you have given to the jury to pay your employer. Our tax preparation can help you get this right.
Reinvestments
As you may be aware, each investment made by anyone in the country is taxable. If you have invested in the mutual funds automatically reinvested in the shares, extra investments will be considered. But, your mutual funds’ investments are transferred to share investments.
The IRS counts both investments and charges you according to them. So, you will have to declare your mutual funds’ income and other automatic share investments in a way that doesn’t cost you extra in your income taxes.
Many people are unaware of these overlooked potential tax deductions and tax credits and eventually pay more than their annual income. So, you can save a considerable amount of tax by declaring your investments correctly.
Student Loan Interest Paid by You or Your Parents
Student loan interest paid by you, your parents, or anyone else is free from income tax. So, if you have paid your income tax loan’s interest, you can declare this in your tax papers and get an equal amount of deduction from the IRS. Similarly, if your parents have paid your student loan with interest, you can also claim that amount of mortgage interest to be deducted from your annual income tax basis.
This is a kind child tax credit of deduction gift that children get from their parents and the department of IRS. So, you can benefit from this and save a big amount of money.
Childcare Tax Credits
You can get a tax credit if you bring up a baby under 13 years old. The eligibility for childcare credit is both taxpayers should be working or full-time students. Besides, if they spend $6000 on their child’s first care expenses and receive a $3000 benefit from their work, they will be eligible to get a $3000 tax credit which they can use to reduce the annual income tax amount.
This is something that most people don’t know, and are paying their taxes without knowing that they can save a huge amount of money on their tax returns through the child tax credit.
State Sales Taxes
If you live in a state where the state government doesn’t impose an income tax return, they charge a higher sales tax. You can get a huge deduction for property taxes while filing the annual income tax return to your federal government office.
The simple explanation for this deduction is that if the state you live in doesn’t impose tax but instead gets the sales tax on each expensive item you are buying, you can deduct those local sales taxes when submitting the income tax to the federal government Department.
This is a huge deduction if you are a frequent buyer and have a habit of changing your vehicle or any other expensive item each year.
Filing Military Personals’ Travel Expenses
All the serving and reserved military personnel can get a partial travel expenses tax deduction. If you are a military person and have to travel more than 100 miles and stay there overnight, you can mention this in your income tax form and get a partial deductible expenses deduction of the equal amount you have spent on your journey.
The tax-deductible percentage details could be complicated as each expense has a different percentage of tax deduction, impacting your overall tax liability, so you can consider it a partial deduction when filing. The deduction applies to everything from travel expenses to meals and hotel stays. So, you can get a huge tax deduction if you are a military personnel and regularly travel to join the drills or meetings.
Mortgage Points Deduction
Mortgage points, or loan origination fees, can be a valuable tax deduction for homeowners who itemize their deductions. If you paid over $600 in mortgage interest in 2023, your lender will provide a Form 1098 detailing the interest and points paid. Keep in mind that the amount on Form 1098 may differ from your deductible amount.
You can generally deduct the full amount of points in the year you pay them if the loan is for your primary residence and the points are a percentage of the loan. This deduction can significantly lower your taxable income, so review your Form 1098 carefully and consult a tax professional if needed.
Home Office Deduction
The home office deduction offers a valuable tax benefit to self-employed individuals and remote workers. It lets you claim a portion of home expenses, like mortgage interest, property taxes, utilities, and rent, as long as the space is used exclusively and regularly for business purposes.
To calculate the deduction, determine the percentage of your home used for business. For instance, if your office takes up 10% of your home’s square footage, you can deduct 10% of your home expenses. This deduction can lead to substantial tax savings, helping offset the costs of working from home.
Educational Expenses Deduction
Educational expenses can be a significant financial burden, but there are tax credits available to help ease this strain. The Lifetime Learning Credit and the American Opportunity Credit are two valuable options that can maximize your tax savings. The Lifetime Learning Credit covers qualified education expenses, including tuition, fees, and course materials, for students enrolled in eligible educational institutions.
The American Opportunity Credit is available for the first four years of post-secondary education and can cover up to $2,500 of qualified expenses per student. These credits can be claimed on your tax return, reducing your tax liability and making education more affordable.
Business Use of Your Car Deduction
If you use your car for business, you can deduct some of your vehicle expenses, like gas, maintenance, and insurance. The IRS allows you to claim a portion based on how much you use your car for business. If you use your vehicle less than 50% for business, you get to deduct mileage expenses based on that years rate per mile.
For instance, if you use your car 51% or more for business, you can deduct the same % of those actual expenses. This deduction is especially helpful for self-employed people and remote workers. To take any vehicle expenses, either actual % or a flat per mile amount, you have to produce detailed records that properly tracked your business mileage and expenses.
Retirement Savings Contribution Tax Credit
Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) is a refundable tax credit that helps low-to-moderate-income workers by increasing their wages. To qualify, individuals and families must have an income below a certain level, with the amount of the credit varying based on income, marital status, and family size.
This credit can significantly lower your tax bill and may lead to a refund. Taxpayers can claim the EITC for up to three previous tax years, so if you missed it before, you might still get a refund. The EITC offers essential support to many working families, reducing financial strain and enhancing their quality of life.
FAQs
What Is Included In Your Tax Service?
Our organization provides assistance to individuals and businesses with in-person, drop-off, or online tax preparation, federal and state sales tax, refund, electronic filing, and consulting. Services also include advice on how to reduce taxes and strategies for minimizing the impact of audits. The tax filing of your federal, state, and city returns is included in your tax return preparation basic fee of $130. If you don’t have a rental or business, or stock sales… the fee is just $130.
How Much Does It Cost To Use Your Tax Service?
The cost of our services is based on some factors, including the complexity of your return, the amount of time it takes to complete your return, and the level of service you choose. Our basic tax prep fees are $130 for a basic tax return. Our tax preparer will work with you to maximize your federal refund. We offer various services, from do-it-yourself to full representation and tax preparation fees. Also, we offer a free consultation to discuss your specific needs and provide you with an estimate on your federal tax return. Accounting Services charges are based on time.
What Types Of Returns Does Your Tax Service Prepare?
I Am Behind On My Taxes. Can You Help Me?
Our organization helps individuals and businesses catch up on their taxes with a range of services. We assist directly with filing past returns and offer consultations. You can set up a payment plan with the IRS through your bank account if you need time to pay them. We also provide free advice on reducing penalties and interest.
Tax service providers who have completed your taxes in the past will have most of the data for subsequent years, making it a faster and easier process.
If you Received A Letter From The IRS, What Should I Do?
If you received a letter from the IRS, please contact our tax office as soon as possible. Our tax pros can provide you with the expert support and tax help you need for your federal return. Depending on your tax situation and the taxing authority you need tax help with we can provide the tax professionals you need in dealings with the IRS.
I Am Applying For A Tax ID Number Or a State License. Can You Help Me?
Yes, we can help you apply for a tax ID number or state license. We can also guide the requirements for each application.
I Didn’t File A Return Last Year. What Should I Do?
Why Did I Receive A Penalty?
There are several reasons why you may have received a penalty from the IRS. Common reasons include not filing a return, failing to pay taxes on time, or claiming too many deductions. If you’re unsure why you received a penalty, we recommend speaking with one of our tax preparers for more information.
What’s The Difference Between a Tax Attorney and a CPA?
A tax attorney is a licensed attorney who specializes in tax law. A CPA is a certified public accountant and tax professional licensed to prepare and file tax returns. CPAs can provide tax preparation, and tax advice and also offer some legal advice, but they are not attorneys.
Conclusion
We have mentioned some commonly missed income tax deductions that people miss and pay a lot of extra bucks to the government. You can consider them and itemize deductions and, if eligible, reduce your bill when submitting the income tax. Get a free consultation to go over your tax returns. Give us a call or contact us.
If you’re unsure about which tax credits you qualify for, our tax preparation service is here to help. We are a trusted provider, both in-person and online, and we can assist with income and sales tax issues.
At our local office, we review your past tax returns and documents to ensure you received the maximum refund possible and offer tax-saving tips, even for complex situations. If we find a way to boost your refund, our tax experts can file an amended return for a small additional fee.
Our basic filing fee is only $130, which includes free state filing and e-filing with direct deposit. You can access our services online or via mobile, allowing you to file from anywhere. Plus, we offer quick refunds—9 out of 10 are issued by the IRS within 21 days.
Trust us to help you get every deduction you qualify for. Our pricing is flexible and tailored to your needs, so you only pay for the services that benefit you.