The month of April is associated with flowers in bloom, birds merrily chirping, and TAX time. Yes, it’s a buzz kill and like many people, you’re not taking tax deductions that could make tax day a little more bearable. Creekbend Property Management has some little known tax deduction tips to brighten your day and put some extra cash back in your pocket!
We all know there’s a tax credit for donating items, but not for volunteer work. However if you volunteer for a charitable event or heading to a fundraiser you can claim the cost of transportation at tax time.
The self -employed are eligible for a variety of tax deductions: a portion of the cost of utilities, the rent for their home office, magazine subscriptions, and member organizations in their career field. All the driving you do from your home to client’s offices is deductible, as well as cost of car washing.
You can deduct the cost of medical insurance premiums that surpass 10 percent of your adjusted gross income even if you are covered in your employer’s plan. For the self-employed, the 10 percent threshold for premiums is removed.
Teachers, teacher aides instructors or principals, can get an above-the-line- tax deduction for materials they buy for use in classrooms. Because it’s an above-the-line deduction, itemizing isn’t required for this deduction.
Working parents who leave their children with a caregiver are eligible for a tax credit to offset the cost of a sitter, day care, nursery or preschool. Limitations on the credit include the age of the child and the percentage of the credit.
Your new job must be at least 50 miles farther from your home than your old job to qualify for deductions. You can deduct what you spend on packing supplies, moving your belongings as well some costs for storage, insurance, transportation and lodging associated with the move.
Part-time workers, if working two jobs, can deduct a portion of the costs of getting from one job to the other
If you’re in a car accident that isn’t your fault, and the other driver’s insurance doesn’t fully reimburse you for the damage to or loss of your car, you may get a deduction for that unreimbursed amount as a casualty loss. This also applies if the car is repaired but is no longer worth as much as it had been because of its accident history.
These helpful blogs are one of many services Creekbend Property Management provides! We represent out of area owners, offer stress relief renting, and more! We are your “one-stop-shop” for ALL of your concerns!
Creekbend Property Management is located in Charleston, SC specializing in rental properties in downtown Charleston, James Island, Isle of Palm, Johns Island, Kiawah, Mt. Pleasant, Summerville, Goose Creek, Moncks Corner, North Charleston, and West Ashley. We are licensed and insured, providing leasing services, management services, maintenance, and most importantly; giving our property investors peace of mind!