Tax breaks not to miss
Whether you are self-employed or a CEO, a full-time student or a freelancer, tax issues can affect a wide range of people. When it comes to taxes, every bit of information can help. Before it’s too late, check out some of the most overlooked tax breaks.
Were you looking for a job? You can write off your travel expenses, employment agency fees, and resume preparation costs.
Did you pay any of those annoying airline fees while traveling on business like baggage fees or changes in travel plans? Uncle Sam can help ease the pain. If you’re self-employed and traveling on business, you can write them off.
If parents are paying a child’s student loans, the IRS treats it as if it was given to the child who then paid the debt. So a child who is not claimed as a dependent can deduct up to $2,500 of student loan interest that was paid by mom and dad.
Also, remember that one of the biggest audit red flags is claiming your home office as your place of work. Right now, the process involves a long complicated math equation, but by 2014 the IRS will allow you to claim $5 per-square-foot of the office. The deduction will be capped at 1,500 dollars, making it less of a red flag issue.
For more tax information go to www.irs.gov.
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