April 10th 2024.
Did you know that April 15th is the dreaded tax day when all taxes are due? As a responsible taxpayer, it's important to know how to digitize your taxes and take advantage of deductions. Luckily, there are online services like TurboTax and the IRS's E-filing system that make the filing process seamless and stress-free. To help you maximize your deductions, here is a list of deductions that you should definitely look into:
First on the list is the Home Office Tax Deduction. The rules for this deduction may vary, but if you're a remote worker or self-employed, make sure to claim this break. You can also write off expenses that are related to the portion of your home used exclusively for business, such as rent, utilities, insurance, and housekeeping.
Next, for those who drive for Uber or rent out their property on Airbnb, you may qualify as a business owner and should file a Schedule C tax form. As a general rule, freelancers can write off necessary business-related expenses.
If you're paying off student loans, you'll be happy to know that you can deduct up to $2,500 of student loan interest per return, per year. The best part is, you don't even need to itemize your deductions to claim this tax break. Just go to your student loan provider to access the necessary forms and upload them on TurboTax.
However, it's important to note that the moving expense deduction is no longer available for tax years 2018-2025 due to the Tax Cuts and Jobs Act. But, there are exceptions to this rule. If you moved for work purposes and are a member of the military, you may still be able to claim the cost of your moving expenses by using IRS Form 3903 on your federal income tax return.
Another great deduction to take advantage of is the dependent credit. Under the new tax laws, you can claim either $500 or $2,000 depending on the status of your dependent.
Last but not least, don't forget to file your taxes on time. And if you need more time, you can file for an extension here. So, don't stress about tax season, use these tips to make the process smoother and take full advantage of the deductions available to you.
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