Orange County Tax Help

The tax code is so complicated that people are always uncovering new ways to save on taxes.  Sometimes the Federal Government just adds deductions and credits to keep taxpayers on their toes.  There are probably plenty of deductions or credits that you never even thought about using to reduce the money you spend on taxes each year.

• State expenses on federal returns - deduct your state and local property taxes - taxes on automobile tags, state income taxes and also state sales taxes.
• Expenses related to the job - this can be particularly beneficial to teachers - like supplies that have to be purchased and classes or conferences that need to be attended.
• Continuing education - getting more knowledge and experience to help advance your job opportunities or to maintain your current certifications can be written off.
• Gambling losses – you don’t have to be a professional gambler to deduct the losses that you might accumulate.  Most of the time the losses are limited to any winnings (so at least those can counter each other out).
• Student loan interest - even if mom and dad are footing the bill those children who are not claimed as dependents can qualify for up to $2500 in student loan interest deductions.
• Child care credit - even day care expenses in the form of day camps can be eligible for child care credits (but mom and dad will have to be working during these hours for the credits to take affect).

Taking full advantage of all of the tax deductions and the tax credits that are available may take some time and some research but it will definitely be worth the effort.  Tax credits reduce your tax bill dollar for dollar and combined tax deductions can help reduce your tax bill to almost nothing.