Taxes go up and taxes go down. But that doesn’t mean you should pay a penny more than you owe.
Don’t overlook the top 10 IRS tax breaks and deductions that you’re missing
(Please check with the IRS or your accountant for specific rules.)
- Your move must relate closely to the start of work.
- Your move must take you at least 50 miles from the previous residence.
- You must work at your job for at least 39 weeks after the move.
- Transportation, up to 54 cents a mile if you drive your own car, plus parking and tolls; or cab fares.
- Hotel and food expenses if you must spend a night away from home.
- Employment agency fees
- Costs incurred printing resumes, business cards, advertising, job site fees, postage
- This credit allows you to take full credit for the first $2,000 spent on qualifying college expenses and 25% of the next $2,000. It is available to families whose modified adjusted gross income is $80,000/yr or less.
- A qualifying child must be 12 or younger at the time of care.
- The care must be provided so you or your spouse could work or look for work.
- When you buy a house, you may deduct the points paid to get your mortgage.
- When you refinance, you may deduct the points on the new loan over the life of that loan.
The IRS considers the interest on a home-improvement loan fully deductible, up to $100,000.
- Deductible personal property taxes are those based only on the value of personal property.
- The tax must be charged to you on a yearly basis, even if it’s collected more—or less than once a year.
- If you made efforts in 2015 to make your home more energy efficient by installing equipment like storm doors, energy-efficient windows, asphalt or metal roofs, insulation, air-conditioning, and heating systems, the IRS wants to give you a tax credit of up to $500.
- If you’ve installed equipment that uses renewable energy, you may be eligible for the Renewable Energy Efficiency Property Credit for up to a 30% of the cost.
- First-time home buyers may withdraw up to $10,000 from traditional and Roth IRAs penalty-free to apply to purchase.
The deadline for filing your 2016 return is April 18th since the 15th falls on a Saturday.
Your 2016 IRS may be delayed until at least Feb 15 if you are claiming the Earned Income Tax Credit or the Additional Child Tax Credit.
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