It’s Tax Time! Are you getting all the deductions you are entitled to get?

Tax time is both rewarding and taxing!

Rewarding, because, if you are diligent and on top of all the the deductions you were entitled during 2017, then, it will be a breeze to do your taxes and get all the credits you are entitled to get.

Taxing, is when you have been careless and paying less attention to the many deductions you could take on your return to get the maximum benefit you could get.

For an employee or a W-2 recipient, the best checklist to refer to for all your allowable deductions is the form from the IRS called Schedule A. Run down through the list and see what you’ve got. This process could be pivotal for your next year’s tax return. Pay particular attention to the list and make sure that you save those receipts for the items that apply to you. Your 2018 tax return should be better year because you are better prepared.

For a business owner, e.g., a consultant, a small pet shop owner, a freelance disc jockey, a home care owner, or an owner of a landscape business, there are quite a few list that you could check out to get your maximum deductions. With this article, I would only mention Schedule A and Schedule C. Both forms are available from the IRS. As a business owner, things can get a bit complicated, from investments, retirement accounts, business assets, to name a few. At best, a knowledgeable tax person is your best resource person.

Good luck! And if you have any questions, drop me a line!

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