Most Missed Deductions:
- Charitable contributions
- Local & state sales tax
- Earned income tax credit
- Job searching expenses
- Retirement saver’s credit
- Gambling losses
BJ tells us about how you can claim your parents if you provide more than half the support for them. If the child is paying for the house, they are making the house available to the parents; therefore, making it is a deductible.
At one time, when you got married, you got a big refund. Now, after changing marriage’s impact on taxes, you actually end up paying money back when you get married.
If you are putting a pool on your property for someone with a disability, you have to remember that the pool increases your property value. Therefore, you cannot deduct the pool because eventually when you sell your home, it will be worth more. However, any utilities and upkeep of the pool is considered a medical expense. If you need a service dog, they are also deductible.
The Affordable Care Act is causing many people problems this year because they now have penalties on their tax return because of health insurance.
BJ also warns us about tax scams. She says if you get a phone call from anyone that says they are the IRS, simply hang up and call the police. If the IRS needs you, they will send you a letter in the mail that you have to sign for.