Silver Spring, Maryland
8736 Flower Ave, Suite B
Silver Spring, MD 20901

Tax Education: 5 Common Tax Deductions You Don’t Want to Forget November 2, 2016

Silver Spring, Montgomery
Tax Education: 5 Common Tax Deductions You Don’t Want to Forget, Silver Spring, Maryland

Many times, individual taxpayers will opt for the standard deduction without considering how an itemized deduction may improve their tax return. That’s why ZP Tax—an income tax preparation service in Silver Spring, MD—is committed to helping their clients understand and maximize their deductions.

If you’re sprucing up your tax education, this tax help service says the best way to learn is by first becoming familiar with the most common types of deductions, including:

  • Dependents: In addition to claiming a personal exemption for yourself, you are also able to make exemptions for those who depend on you financially, also known as dependents. Dependents may include your spouse and your children.
  • Medical Expenses: Taking care of your health could really benefit your tax deduction ability, especially if you’ve had major costs to cover surgery or treat a disease. This type of deduction can also apply to prescription medication and medical equipment. Since health care costs can add up quickly, it’s important to save all your medical or dental statements for your next tax preparation.
  • tax preparationStudent Loan Interest: Student debt is a major factor in modern America’s financial health. Fortunately, if you’ve taken out loans to cover the cost of your education, you may be able to add a deduction to your taxes.  This common tax deduction applies to interest, so monitor and document the amount you’ve paid over the past tax year.
  • Charitable Contributions: Giving back isn’t just good for the community, it’s also great for your taxes. While many people claim large donations they may have made to a non-profit charity, many other acts could go toward this deduction, including giving money to your church or making regular donations to a local thrift store.
  • House Payments: Paying a mortgage is usually enough to convince a taxpayer to opt for an itemized deduction rather than a standard deduction. To determine what you can claim, consult the 1098 form your lender provides and look for the total interest paid during the last tax year.

A tax education specialist can help comb through your finances to maximize the tax return in your favor. For income tax preparation assistance in Silver Spring, MD, contact ZP Tax at (301) 587-4829. You can also visit their website to learn about their other financial services, such as business tax preparation and payroll services.  

Other Announcements, Events and Deals from ZP Tax, Inc.
3 Tax Preparation Tips to Make Filing Easier, Silver Spring, Maryland
It may not be tax season, but there are steps you can take all year long to make tax preparation easier when you finally are ready to file.  Below, the knowledgeable team at ZP more
3 Questions You Need to Ask Your Payroll Service Company, Silver Spring, Maryland
Your payroll service is vital to your business' daily operations, so it's important to make sure your provider is equipped to handle the task. The professionals at ZP Tax in Silver more
3 Tax Help Tips to Get a Good Start on Next Tax Season, Silver Spring, Maryland
While it may seem like it was just yesterday that you filed your 2016 taxes, ZP Tax recommends getting ahead of the game and embracing tax preparation solutions for next year. As an more
Tax Education Experts Share 3 Commonly Overlooked Deductions, Silver Spring, Maryland
No one wants to pay more than their fair share in taxes, so of course, you'll want to claim every deduction you're entitled to. You might be surprised to learn that, every year, more
Think Taxes Don't Affect Your Stock Investments? Get Tax Help Today!, Silver Spring, Maryland
Tax season brings new confusion to many investors, but with the right tax help, filing can be simple. ZP Tax in Silver Spring, MD, can help reduce the stress of filing taxes and more