Did You Miss a Tax Deduction?

In the hustle of tax season, tax professionals have so much to do in so little time that it's possible some deductions are overlooked. Let's take a look at a few?

In this blog post we’ll tell you about some possible tax breaks that could help you or someone you know save money.

Did You Have to Pay a Healthcare Penalty?

For the last few years, a tax penalty has been imposed upon individuals who did not have health insurance. There are several exemptions to relieve taxpayers from the burden of having to pay the penalty. Some of the exemptions include: members of an Indian tribe, affordability, member of certain religious groups, certain income thresholds, etc.

Were You a Retired Public Safety Officer?

If your answer is yes, you may be able to tax an additional $3,000 as an adjustment to your income, providing you pay for qualified health insurance premiums.

Did You Just Buy a Home?

Were you able to bring a copy of your final closing statement from the escrow company? Many times there are fees that are not included on your mortgage statement that can be included in your itemized deductions.

Did You Owe the State Money Last Year?

Believe it or not, yes you can write off taxes paid to the state. Starting 2018, this deduction will be limited, but up to this point you were able to deduct it in full if you itemized deductions.

Deduction of Medicare Premiums for Self Employed

That's right, if you've become eligible to collect Medicare, the premiums you pay are deductible providing you are still self employed.

Overlooked Medical Deductions

Payments to participate in a weight-loss program for a specific disease or diseases diagnosed by a physician, expenses for eyeglasses, false teeth, crutches, hearing aids, service animals, and so much more. Also, if you're paying for medical premiums through Covered California, the premiums paid out of pocket are deductible. If you had to repay some of the subsidy back on your taxes, that is also deductible in the year paid.

The good news? It's not too late to fix these things, even if you've already filed your taxes. The IRS gives you 3 years to go back and make changes to your tax return but don't wait too long, there's only a little bit of time left to make changes to your 2015 taxes.

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