income tax reduction planning deland fl

What Deductions Are There For Families?

So, you’re settled in.  You have a husband, some kids, a house. Everything is going well. And now it’s time for taxes. Did you know there are some pretty decent deductions that you can take just because you have a family? When you get income tax reduction planning deland fl, you can find these sorts of things and get a decent check back when you file your taxes.

Medical expenses are a big one. As long as it’s not cosmetic and you spend more than 7.5% of your income on medical expenses, you may be able to deduct some of those costs. You want to be sure that you keep all of the bills that are related to medical expenses that were not covered by your insurance, and you can claim some, if not all, of it later on.

income tax reduction planning deland fl

Are your children still dependents? You can claim a child as a dependent if you provide more than half of their living expenses. With your child being a dependent, various things they do can be knocked off of your taxes. Are they in college? If so, are you paying interest on their loans or paying for part of their education? Some of that can be deducted as well.

Do you have other relatives that you care for or that live with you? Did you know that they may help you qualify for even more deductions? If they don’t file jointly with someone else and you provide half of their living expenses, you can claim them as a dependent just like they were your child. Now, only one person can claim a person as a dependent, so keep that in mind.

There are so many options out there that you want to make sure that you get everything that you need and deserve. Do research and work with professionals to see what you can get.