People who drive for their job at least occasionally should get into the habit of tracking their mileage.
Wichita, KS – Tax season can potentially result in savings or a refund even though most people do not like having to deal with tax issues. However, it is important for those who are filing to either understand how these deductions work, or get advice from someone who does. Lawyers who handle taxes and other similar professionals are ready to give advice when filing about things like deductions, business expenses, and retirement accounts that can all result in larger refunds or less money sent to the IRS. Wichita tax lawyers recommend focusing on a few different areas to look for deductions and other ways to save.
Those who are paying back student loans should be sure to use the proper deduction for the interest on the loan payments. The interest on loans is deductible up to a maximum of $2500. People who have gone back to school should also see if the lifetime learning credit applies to them for another deduction.
Tracking deductions for home office and business expenses
People should always maintain records for any expenses that they need for their job or other sources of income, especially if they are self employed or do lots of work at home. Deductions for things like a home office and business expenses can be a significant source of savings if the person has spent a lot of money throughout the course of the tax year. Kansas tax lawyers can give comprehensive advice to those who think that they may be eligible to itemize many deductions, although the deductions need to be accurate. If these deductions seem excessive or untrue, tax lawyers may be necessary to represent the person during an IRS investigation or audit.
Driving records for work trips
People who drive for their job at least occasionally should get into the habit of tracking their mileage. This can result in a substantial deduction when it comes to tax time, especially for those who drive every day or regularly. Some people may even be able to deduct their commute or going to various other work related events.
Putting money into a 401(k)
When a person puts money into their 401(k) fund, this will technically lower their total taxable income. Those who are thinking about saving for retirement or major purchases can both reach their savings goals and save money when filing taxes at the same time by putting more into their 401(k). Estate planning lawyers can give advice about various kinds of investments and their tax consequences, especially for those who are planning on leaving their estate to family members or charitable causes.
More advice about tax law or other legal problems
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