All About Tax Deductions

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Seomul Evans

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Jun 13, 2013, 2:12:10 PM6/13/13
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Article Title: All About Tax Deductions
Author: Seomul Evans
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The month to filing your income tax returns is at hand. If you've been organizing your tax documentation through out the year, then you should have no problems with submitting your tax return. If you had enlisted the help of a tax specialist earlier last year, then you should be able to take full advantage of the tax deductions that the government is offering.

If you didn't enlist the help of a tax specialist and decided to prepare your tax return on your own, then there is a chance that you have missed some deductions that you have every right to apply.

There are some deductions that many people tend to miss and these can add up to a good amount. For example, if you decided that a lot of things in your house are only making a clutter and you gave these away to charity, the value of these items can put down as a deduction under non-cash charitable contributions. However, don�t forget to get a receipt for your contributions so if you get audited, you can show proof.

Some self-employed individuals forget or do not know that they can deduct the full cost of a health insurance plan from their taxes.

If there are deductibles that you can miss, there are also some things that you shouldn't even try deducting. Some people get into a habit of listening to the advice of other people that are not fully qualified tax specialists. If someone you know tells you deduct something, make sure that it is really a deductible before you go ahead and put it in your tax return. You can get in trouble if you are audited.

Placing to much faith in the advice of other people can get you into trouble, so be choose wisely who you want to listen to.

Another good point to remember is that not all deductions are available every year. Some new deductions may be added and old deductions removed, so be careful in the items you deduct. The best way to make sure that you are deducting everything that is allowed is to visit a tax specialist and have the review your tax return before you file it.

There are also deductions that only self-employed individuals can apply. If you are employed by a company or an organization then these would not apply to you. If you listen to the advice of a self-employed individual, then not all of his or her advice on tax deductions will be accurate.

On the other hand, if you are self-employed then you should know that there are deductions applicable to you that are not applicable to employed individuals. You should be aware of what these deductions are so that you can organize your receipts through out the tax year. Becoming aware of the deductions just before filing your taxes will only get you stressed out trying to look for receipts and other documents to support a deduction you did not know about.

The best way to take advantage of deductions is to go to a tax specialist early in the year to find out what they are. If you didn�t do this for the last tax year, then now would be a good time to do so. Always remember that preparing your tax return should be done all year around and not just during the final days when you need to file it.


About The Author: Seomul Evans is SEO services consultant and content writer for leading Dallas Tax Attorney http://www.dallas-irs-tax-help.com/ http://www.dallas-irs-tax-help.com/our-firm/dallas-tax-attorneys

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