Members Area
Login | Register

Financial News

Hours of Operation

Monday to Sunday
8AM to 10PM

Contact Information

Phone: 508-795-7372
Fax : 508-795-0069

mail@sk-financial.com

 

 

Personal Services > Benefits of e-filing your taxes

POTENTIAL DEDUCTIONS AND CREDITS



UN-REIMBURSED MEDICAL & DENTAL COSTS

DESCRIPTION

SOURCE DOCUMENT

AMOUNT

Prescription Medicine

Bills /Cancelled Checks/statements

 

Heal Insurance Premiums

Pay stub

 

Long Term Care Premiums

Bills /Cancelled Checks/pay stub

 

Self Employed Health Insurance Premiums(Not deducted as an adjustment to Income)

Bills /Cancelled Checks/statements

 

Fees for Doctors and Dentist

Bills /Cancelled Checks/statements

 

Fees for Hospitals and Clinics

Bills /Cancelled Checks/statements

 

Lab and X-ray Fees

Bills /Cancelled Checks/statements

 

Expenses for Qualified Long-term Care Plan

Bills /Cancelled Checks/statements

 

Eye Glasses and Contact Lenses

Bills /Cancelled Checks/statements

 

Medical Equipment and Supplies ( Dentures, Wheel Chairs, Hearing Aids, Diabetes Supplies etc)

Bills /Cancelled Checks/statements

 

Medical Transportation Expense (15 Cents Per Mile)

Bills /Cancelled Checks/statements

 

Meals/Lodging Related to Hospital Stay

Bills /Cancelled Checks/statements

 

Adoption Fees

Bills /Cancelled Checks/statements

 

Drug/alcohol Treatment

Bills /Cancelled Checks/statements

 

Lead Based Paint Removal

Bills /Cancelled Checks/statements

 

Organ Donation

Bills /Cancelled Checks/statements

 

Physician Prescribed Diet/Health Programs

Bills /Cancelled Checks/statements

 

Psychiatric Care

Bills /Cancelled Checks/statements

 

School and Home for Disabled

Bills /Cancelled Checks/statements

 

Smoking Cessation Program Cost

Bills /Cancelled Checks/statements

 

TAXES PAID

Real Estate Taxes

Bills /Cancelled Checks/statements /Form 1098

 

State and Local Taxes

Bills /Cancelled Checks/statements

 

Property Taxes

Bills /Cancelled Checks/statements /Form 1098

 

Payments to Mandatory State Funds

Bills /Cancelled Checks/statements

 

Foreign Income Taxes

Bills /Cancelled Checks/statements

 

Value Based Auto License Fee

Bills /Cancelled Checks/statements

 

INTEREST EXPENSE

Home Mortgage Interest

Bills /Cancelled Checks/statements /Form 1098

 

2 nd Home Mortgage Interest

Bills /Cancelled Checks/statements /Form 1098

 

Home Equity Loan Interest

Bills /Cancelled Checks/statements /Form 1098

 

Interest on Special Assessments ( as Real Estate Tax)

Bills /Cancelled Checks/statements /Form 1098

 

Business Interest

Bills /Cancelled Checks/statements /Form 1098

 

Investment Interest

Bills /Cancelled Checks/statements /Form 1098

 

“Points Paid”

Bills /Cancelled Checks/statements /Form 1098

 

CHARITABLE CONTRIBUTIONS

Weekly Church , Temple , Mosque, Synagogue Offerings

Bills /Cancelled Checks/statements

 

Weekly Church , Temple , Mosque, Synagogue Tithing

Bills /Cancelled Checks/statements

 

Non-Profit Schools

Bills /Cancelled Checks/statements

 

Public Parks

Bills /Cancelled Checks/statements

 

Boys & Girl Scouts

Bills /Cancelled Checks/statements

 

War/Veteran Groups

Bills /Cancelled Checks/statements

 

Red Cross

Bills /Cancelled Checks/statements

 

Salvation Army

Bills /Cancelled Checks/statements

 

Goodwill

Bills /Cancelled Checks/statements

 

CARE

Bills /Cancelled Checks/statements

 

United Way

Bills /Cancelled Checks/statements

 

YMCA/WYCA

Bills /Cancelled Checks/statements

 

Environmental/Conservation Groups (Registered as 501(C) Organizations

Bills /Cancelled Checks/statements

 

Other Non Profit Organization

 

 

UN-REIMBURSED CASUALTY & THEFT LOSSES

Fire

Bills /Cancelled Checks/statements

 

Theft

Bills /Cancelled Checks/statements

 

Natural Loss: (Tornado, Hurricane, Flood)

Bills /Cancelled Checks/statements

 

Car Accident

Bills /Cancelled Checks/statements

 

Vandalism

Bills /Cancelled Checks/statements

 

Other Accidents

Bills /Cancelled Checks/statements

 

MISCELLANEOUS DEDUCTIONS

Gambling Losses to Offset Gains

Bills /Cancelled Checks/statements

 

Handicapped Job Related Expenses

Bills /Cancelled Checks/statements

 

Work Uniforms (Employer Required: Shoes, Pants Tops, Shorts, Socks, Scrubs)

Bills /Cancelled Checks/statements

 

Work Uniforms Maintenance (Laundry/Dry Cleaning)

Bills /Cancelled Checks/statements

 

Work Cell Phone

Bills /Cancelled Checks/statements

 

Un-recovered Annuity Costs

Bills /Cancelled Checks/statements

 

Union Dues and Professional Fees ( e.g. Certificate Renewal fees )

Bills /Cancelled Checks/statements

 

Job Hunting Expenses

Bills /Cancelled Checks/statements

 

Safe Deposit Box Cost

Bills /Cancelled Checks/statements

 

Tax Preparation Fees

Bills /Cancelled Checks/statements

 

Un-reimbursed Employee Business Expenses

Bills /Cancelled Checks/statements

 

Hobby Expenses to Offset Gains

Bills /Cancelled Checks/statements

 

50% of Business Related Meals and Entertainment

Bills /Cancelled Checks/statements

 

Classroom Material Expenses for Teachers

Bills /Cancelled Checks/statements

 

Repayment of Income

Bills /Cancelled Checks/statements

 

Repayment of Social Security

Bills /Cancelled Checks/statements

 

Investment Counsel Advisory Fees

Bills /Cancelled Checks/statements

 

In-Home Office Expenses

Bills /Cancelled Checks/statements

 

IRA/KEOGH Administration Fees

Bills /Cancelled Checks/statements

 

Business Use Depreciation

Bills /Cancelled Checks/statements

 

Loss Incurred from Total Distribution of All ROTH or IRAs

Bills /Cancelled Checks/statements

 

Certain Accounting and Attorney Fees ( e.g. Job Related )

Bills /Cancelled Checks/statements

 

Trust Administration Fees

Bills /Cancelled Checks/statements

 

Job Required Medical Exam

Bills /Cancelled Checks/statements

 

Job Required Education Expenses

Bills /Cancelled Checks/statements

 

POTENTIAL CREDITS

SOURCE DOCUMENT

 

 

 

 

Earned income credit

 

 

You may qualify if you worked and earned a low or moderate income. You may get more of a tax benefit if you have children. A qualifying child must pass an; age, relationship and residency test.

  • Child's Social Security Card
  • Child's Date of Birth

 

Credit for taxes withheld on wages and other amounts

 

 

You can claim excess Social Security taxes you paid and certain tax withholdings made on your dividends or interest income

  • W-2 Form
  • Form 1099

 

Additional child tax credit

 

 

You may be eligible if you have three or more qualifying children under age 17.

Fill out Form 8812 , Additional Child Tax Credit

 

Child and dependent care credit

 

 

You could get up to $1,440 if you pay someone to look after Junior or another dependent while working or looking for work.

Use Schedule 2 with Form 1040A, or Form 2441 with Form 1040

 

Credit for the elderly or disabled

 

 

A credit of up to $1,125 is available to qualified individuals whose income doesn't exceed certain limits.

See Publication 524 , Credit for the Elderly or the Disabled .

 

Adoption expenses credit

 

 

Adoptive parents may be able to claim up to $6,000 for each child for certain expenses incurred and paid for on or after Jan. 1, 1997 .

See IRS Publication 968 for more about qualified adoption expenses

 

Education credits

 

 

You may qualify if you paid for higher education for yourself or your dependent children

Complete Form 8863 . Use Part I for the Hope credit and Part II for the Lifetime Learning Credit

 

Foreign Tax Credit

 

 

The Foreign Tax Credit provides a dollar-for-dollar credit against your federal income tax for taxes paid to a foreign government. Normally, you report foreign taxes and calculate your allowable foreign tax credit on Form 1116

See IRS Form 1116

 

 

 
Get Started

Telephone: 508-795-7372
Fax: 508-795-0069
Toll Free: 1-888-995-7372