Tag Archives: Certified Public Accountant

Tax Breaks And Deductions For Your 2014 Tax Return

Unfortunately, filing taxes could prove more difficult for taxpayers this tax year. Individuals have to worry about the requirements set forth by the Affordable Care Act (ACA). And Taxpayers will receive less support from the IRS thanks to scaled back support by phone. Plus, the deadline is fast approaching at the moment. But don’t get too nervous.

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One thing to keep in mind is that sales tax is deductible in many cases, which is useful for residents of certain states. When a state doesn’t have an income tax, such a deduction can prove useful. Likewise, the same applies to states with lower income taxes. Congress thankfully extended this sales tax deduction in time for it to apply to a taxpayer’s 2014 tax return.

Insurance premiums from a mortgage are deductible for most Americans. For this deduction, taxpayers must meet two requirements. They must have taken the loan out since 2006, and they cannot earn more than $109,000 gross annually.

Anyone that’s 70.5 years-old or older can transfer up to $1000,00 from an IRA to a charity. In doing so, seniors get a major tax break. Taxes on Social Security are lowered. Seniors will even help themselves avoid the high-income surcharge through Medicare. If you have the extra to donate, you can get big help at this time from the IRS.

An extra 3.8% surcharge is placed on investments for high earners, and taxpayers should keep that in mind.

Of course, these tax breaks and deductions apply only to a 2014 tax return. Congress never made these deductions permanent, which means they require approval each year. The political landscape is always changing, so renewal is not guaranteed. See if you can take advantage while they are on the books.

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Canadians Can Chat With TurboTax Tax Experts

Intuit Canada is offering free online or over the phone chatting with Tax Experts in Canada. During the tax season, these TurboTax Canada tax experts are available 24 hours a day and 7 days a week.

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Beginning in February, Canadians can call or chat online with TurboTax tax experts. If you have questions about claiming business property deductions or medical expenses for small business employees, calling TurboTax Canada is a great idea at the right price, free. You don’t need an appointment just jump online.

Like many in America, we in Canada want the largest possible tax refund at filing time. Get professional advice and using great software helps to ensure you get every deduction. Once an additional fee, expert support is now available to anyone that has purchased the popular tax preparation software. The service starts when tax season begins and does not end until the tax deadline has pasted.

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