Tax Deductions Provided by Tax Laws Yet Frequently Forgotten
Government tax laws guide individuals toward deductions every year yet some are frequently forgotten. Summarizing and making a list of the expenses as they are made can help those surface when the tax filing time rolls around. This list might spur some recollection of those tax deductions provided by tax laws yet frequently forgotten. Some thought just might mean hundreds of dollars back from a purchase made.
1. Insulation added to residence or living quarters.
2. Double pane, argon gas filled windows.
3. Replacing sliding glass doors with double pane and tint for good energy efficiency.
4. Primary outside door replaced with solid core or increased insulating factor.
5. Efficient hot water heater.
6. Tankless hot water heater.
7. Energy efficient gas automatic dryer.
8. Energy saving automobiles are not limited to: 2011 Nissan Leaf, 2011 Smart for Two electric drive, 2011 Chevrolet Volt, 2011 Think City EV, 2011 Wheego Life EV
9. Natural gas, oil furnace or propane hot water boiler.
10.Electric heat pump water heater.
11.Central air conditioning unit or main air circulating fan.
12. Some roofing materials.
People doing their own taxes can benefit from reminders early in the year to recap the expenditures made before April rolls around. Some tax preparation organizations also need a list to adequately use the deductions to lawfully cite them on the forms before they are submitted. Receipts are needed for clarification of dates and amounts. There are cases that deductions can be still considered after the full year has past, which requires using lawful means to responsibly claim those. Many more tax deductions that are forgotten one year connot be claimed the year they are remembered.
To review your deductions that might have been forgotten compile your credit card summaries for the past year. There will be expenses that jar the memory which can lead to money in the wallet and not to the IRS.
1. Medical expenses
These might include: Labratory charges, x-rays, therapy, specialized sessions with chiropractor or massage therapist, counseling, doctor visits, clinic, out patient care, medical equipment, testing supplies for diabetes or other conditions, dressings or creams.
2. Business costs
Look to these for more deductions: Building or part of residence, utilities; including cell phone, answering service and connecting programs used for transactions. Transportation and assorted expenses might include: meetings, dining out, limo or car service and initial welcome gifts, motel accommodations for clients and supplies for presentations and continuing education classes.