Tax season can feel overwhelming, but understanding deductions can help you keep more of your hard-earned money. At Kamish CPA, we’re here to guide you through maximizing your tax savings. Here are some key deductions you don’t want to miss:
1. Home Office Deduction: If you work from home, you may be eligible for a home office deduction, covering a portion of rent, utilities, and internet expenses.
2. Business Expenses: Self-employed? Keep track of expenses like office supplies, travel, and marketing costs—they can all be deductible.
3. Medical Expenses: Certain medical costs exceeding 7.5% of your adjusted gross income (AGI) can be deducted, including prescriptions and doctor visits.
4. Charitable Contributions: Donations to qualified organizations can be deducted—just make sure to keep proper documentation.
5. Education Credits & Deductions: If you’re paying for tuition or student loan interest, you may qualify for deductions like the Lifetime Learning Credit or the American Opportunity Credit.
6. Retirement Contributions: Contributions to traditional IRAs and certain retirement accounts may be tax-deductible, helping you save for the future while reducing your taxable income.
Taking advantage of these deductions can lead to significant savings. Need help with your taxes? Kamish CPA is here to simplify the process and ensure you’re getting the most out of your return.
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