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10 Most Overlooked Tax Deductions that you need to know www.bwmillerdean.co.nz

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10 Most Overlooked Tax Deductions that you need to know

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Tax deduction is a reduction of income which is able to be taxed.

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main difference between credits, exemptions and deductions is that deduction and exemption

reduce taxable income; on the other hand credits reduce tax.

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If you want to know the details on tax deductions, then you may contact a reputed

chartered accountant who can able to offer you all information.

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The chartered accountants in wellington can

provide you business advisory services and help you to solve all your tax related problems.

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Below mentioned are 10 most overlooked tax deductions.

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1. State sales taxes

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You must decide on either

deducting state or local income tax or otherwise

on state and local sales taxes

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The income tax deduction usually

is a better deal for most citizens

of income-tax states.

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IRS has tables for residents of states

with sales taxes that show how much they can

deduct

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The IRS even has a calculator which helps you to understand the

deduction.  

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2. Reinvested dividends

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It can help you to save a lot of

money.

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You have to remember that

each reinvestment will increase your tax basis in the

fund, if in case you have mutual fund

dividends.

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When you sell your shares, it

will in turn reduce the amount of

taxable capital gain

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3. Out-of-pocket charitable contribution

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It is hard to overlook the big charitable gifts that you ever

made either by a check or via

payroll deduction.

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4. Student loan interest paid by the parents

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A child who is not claimed as

dependent is eligible to deduct

up to US $ 2,500 of student loan

interest paid by the parents.

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5. Moving expense to take first job

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Job-hunting expense while

looking for your first job is not

deductible.

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But, on the other hand moving

expense to get to that first job is deductible

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6. Child and Dependent Care Tax Credit

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A tax credit is much better

than tax deduction

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If you pay your child care bills by means of a reimbursement account at work, in that case, you can easily overlook the

child care credit

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7. Earned income tax credit

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It is a refundable

tax credit that ranges from

$503 to $6,242 for

2015.

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EITC increase wages for

low-to-moderate income

workers.

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8. State tax that you already paid

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When you filed your 2014 state tax return in

2015, did you owe taxes?

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9. Jury pay paid to employer

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Use TurboTax which ensures that you don't miss out any of the deduction

or credit.

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10. Refinancing mortgage points

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When you purchase a house, you

can get your mortgage all at one time

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You have to subtract the

points over the life of the loan

once you refinance a mortgage

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Miller Dean Chartered Accountants Limited is a well known firm which offers you advisory services which are genuine

and cost effective.

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Chartered accountants in Wellington take care of all your accounting and

bookkeeping requirements that include the preparation of your annual account,

planning purpose and business appraisals.

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We will discuss your necessities with you and offer you much tailored information

and positive advice.

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Contact Us

Address : BW Miller Dean Ltd Level 5, 203-209 Willis Street,Wellington 6142,

New Zealand

Phone : +64 (0)4 910 3340

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Thank You

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