Tax filing can seem daunting, especially if you’re self-employed or have multiple streams of income. Whether you’ve had a great year or are struggling through a tight period, working with an experienced tax preparation service makes the process easier. At Affordable Tax Service in Kittanning, PA, you’ll work with a team of dedicated financial experts to get you the highest refund possible.
Their tax preparation specialists want to help you make the most of your finances, no matter your situation. They’ve put together a few simple ways to reduce your taxable income and save on your income taxes:
- Factor in Loss on Investments: Investments always come with a degree of risk, and some simply won’t perform as well as others. When you meet with your tax filing specialist, tell them about any losses on your investments. These losses can help reduce your taxable income.
- Make IRA Contributions: Your yearly contributions to an IRA can be deducted from your total income. Not only will these contributions help you reduce your tax burden, but they’ll also help you save for retirement.
- Consider Work Expenses: If your employer requires you to purchase your own uniform or other work equipment, you may be able to deduct the cost from your gross taxable income. However, to deduct these expenses, you’ll need to bring all your receipts to your tax filing appointment.
- Get Credit for Donations: While most people know to deduct cash donations from their income, many forget that non-cash donations like clothing, furniture, and other household items can be deducted from your income. Anytime you donate a non-cash item, ask the charity for a receipt of donation and bring it to your tax preparation expert.
- Build Your HSA: If you have an HSA to complement your health insurance plan, you may be eligible to deduct up to $3,350 from your taxable income.
- Deduct Real Estate Taxes: Every property owner pays real estate taxes each year, and these taxes can be deducted from your gross taxable income. Best of all, there is no limit to the number or type of properties you can use to offset your tax burden.
No matter what your tax situation is, the team at Affordable Tax Service has the knowledge and expertise to handle even the most complicated tax filing procedures. Visit their website to learn more about their services, and call (724) 548-1350 to schedule an appointment with a tax consultant. You can also find Affordable Tax Service on Facebook.