fb-image

Tax Service the most Missed Deductions

Income Tax Preparation

Filing your taxes can be a daunting task, especially if you’re unfamiliar with the process. Finding the best tax service near me, for tax preparation for a simple tax return shouldn’t be hard. Whether you have a basic return, small business or even a rental property our tax pros can handle your IRS issues and electronically file docs. We love new clients and small businesses. Basic Taxes Prepared for $120.

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 pros will review your tax documents and make sure you get the income credit you deserve.

Akron Income Tax Co can take the hassle out of filing your taxes. We’re experts in the field, and our team will make sure that your return is filed correctly and on time. We also offer a range of services to help you save money and get the most from your return. Contact us today for a free consultation.

prior year tax return

Income Tax Most Missed Deductions

Yes, you have found the best tax service near me with just 120$ tax prep fees. You are used to paying your income 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 deductions, here are some of the most commonly missed personal income tax deductions:

1. Charitable Contributions

You will be automatically eligible for this deduction if you are involved in charitable contributions. A certain amount of  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 can include anything from donating to goodwill to cash donations to a qualified charity. You will need proof of donation from the organization, so keep track of what you have done and what organizations you have supported.

2. 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. Make sure your receipts include the date and type of expense and information on who was receiving treatment/care.

3. 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.

4. The Tax You Paid Last Year

If you paid the state or local income tax last year, you could save some 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 years’ 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 tax out of your $100k. Therefore, the following year’s income tax will be applied to that in-hand income.

So, this is how you can save some bucks while paying the yearly income tax.

5. 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 income tax return papers and get a deduction of the equal amount you have given to your employer. Our tax preparation can help you get this right.

6. 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, in reality, 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 tax.

Many people are unaware of this and eventually pay more than their annual income. So, you can save a considerable amount of tax by declaring your investments correctly.

7. Student Loan Interest Paid by You or Your Parents

Student loan interest paid by you, your parents, or anyone 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 its interest, you can also claim that amount to be deducted from your annual income tax basis.

This is a kind 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.

8. 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 parents should be working or full-time students. Besides, if they spend $6000 on their child’s care and receive $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 income tax without knowing that they can save a huge amount of money on their tax return.

9. State Sales Taxes

If you live in a state where the state government doesn’t impose an income tax, they charge a higher sales tax. You can get a huge deduction while submitting 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 income tax but instead, they get the sales tax on each expensive item you are buying, you can deduct those 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.

10. 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 deduction of the equal amount you have spent on your journey.

The tax percentage details could be complicated as each expense has a different percentage of tax deduction, so you can consider it a partial deduction. The deduction applies to everything from travel expenses to meals and hotel stays. So, you can get a huge tax deduction if you are military personnel and regularly travel to join the drills or meetings.

self employment income

FAQs

1. 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 tax refund, electronic filing, and consulting. Services also include advice on how to reduce own taxes and strategies for minimizing the impact of audits. The filing of your federal, state and city returns are included in your basic fee of $120. If you don’t have a rental or business or stock sales… the fee is just $120.

2. How Much Does It Cost To Use Your Tax Service?

The cost of our services is based on a number of 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 $120 for a basic tax return. Our tax preparer will work with you to maximize your federal refund. We offer a range of 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.

3. What Types Of Returns Does Your Tax Service Prepare?

We prepare local, state, and federal tax returns for individuals and businesses. Our tax pros also offer specialized services for partnerships, corporations, estates and trust taxes and all types of self-employed individuals. We e file all types of completed tax returns using our tax software in or out of tax season.

4. I Am Behind On My Taxes. Can You Help Me?

Our organization offers various services to help individuals and businesses get caught up on their taxes. We provide consultation, assistance with filing past returns directly. You can set up a payment plan with the IRS through your bank account if you need time to pay them.  Advice is free on how to reduce penalties and interest.

5. I Received A Letter From The IRS, What Should I Do?

If you received a letter from the IRS, please contact us as soon as possible. Our tax pros can provide you with advice and tax help your need for your federal return. Depending on your tax situations and the taxing authority you need tax help with we can provide the tax professionals your need in dealings with the IRS.

6. 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. Our

7. I Didn’t File A Return Last Year. What Should I Do?

If you didn’t file a return last year, you should file as soon as possible. You may be subject to penalties if you don’t file a return, so it’s important to take action as soon as possible. Our tax pro can e file old tax years up to 3 years without additional fees then you have to snail mail them.

8. Why Did I Receive A Penalty?

FAQs about tax preparation

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 preparer for more information.

9. 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, 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 get a massive deduction if eligible when submitting the income tax. Get a free consultation to go over your tax returns. Give us a call or contact us.

If you cannot figure out how to get these deductions or whether you are eligible for those deductions or credits, you can use our tax preparation service!

We are a brick-and-mortar business that can be your in person or online tax service provider that can help you resolve your income tax or sales tax issues and keep you out of having legal problems. Our local office (look for tax service near me) would be happy to review your prior year tax return and tax documents to make sure that you had the maximum refund on your federal taxes. If we find that we can get you a bigger refund for the previous tax year, our tax pro will file an amended return for you for an additional fee. Our basic file fees including free state and e file fees with direct deposit is just $120.

Menu