Allen & Associates, Inc. Reminds You Not to Forget Deductions

Well its that time of year again...you have gotten your various tax forms in the mail and now it’s time to start getting all your paperwork and receipts compiled to bring to your bookkeeper at Allen & Associates, Inc. in Middle Tennessee so they can complete your 2014 taxes. With that in mind, here are a few deductions if you plan on itemizing that you want to make sure you don’t overlook.

First up is Charitable Donations. Most people know you can write off your donations (i.e. a check you wrote to your church or another organization), but Allen & Associates would like to let you know there are a few small out of pocket obscurities you should be keeping track of. For example...

• Did you prepare some food, like a casserole, for a non-profit organization such as a soup kitchen? Keep your grocery store receipt because you can write off the ingredients you purchased.

• Did you donate stamps to your child’s school for a fundraising flyer they wanted to mail out? Once again, keep the receipt and write it off.

• You are quite the philanthropist...Did you put miles on your car while donating your time for a charitable organization? You can deduct 14 cents per mile, plus any tolls or parking you had to pay for.

Second up are a few more deductions Allen & Associates in Smyrna, TN would like you to know about that you may have overlooked.

• Were you amongst the millions of Americans who were out of work and looking for a job in your same line of work? 1.We hope you were successful in your quest to find new employment and 2. You better keep track of your expenses because even if you didn’t get offered a new job, you can still itemize your job-hunting costs. A few of them are: mileage, parking and tolls, overnight lodging if the job takes you away from your home (plus food and lodging during those overnight stays), cab fares, employment agency fees, the cost of printing and sending resumes...the list goes on and on.

• Note that in the last section, we said if you are “out of work and looking for a job in your same line of work”... those write-offs do not include people looking for a first job (like right out of college). That said, your moving expenses to get to your first job (as long as it is 50+ miles away) are.

• Are you a member of the National Guard or military reserve? The cost of your travel to meetings and drills can be written off. (Note: You must live 100 miles or more away from your home to claim overnight expenses.)

• Don’t forget about Child Care Expenses (Note: If you pay for this with pre-tax dollars, don’t even think about double dipping on the benefits.)

Lastly, a few quick deductions Allen & Associates would like to remind you of when you bring your receipts into them to do your taxes this year:

1. Medical expenses (if they are more than 7.5% of your adjusted gross income).

2. Points charged to obtain your home mortgage.

3. Your car or boat registration...did you get charged a personal property tax? Allen and Associates in Smyrna, TN reminds you not to forget to include this tax deduction.

4. Did you do some Spring Cleaning last year? Don’t forget to ask for a receipt when you donate clothing, furniture, etc. . If your donations total more than 2% of your adjusted gross income, they are deductible.

5. On the same thought, if you donated your time to volunteer onsite, you may also be able to write off your travel expenses.  

6. Instead of making an appointment with Allen and Associates, Inc. last year to handle your taxes, did you pull your hair out trying to do your own? 1. Your hair has (hopefully) grown back by now and 2. SURPRISE! If you paid for software to prepare your own taxes, you can deduct it.

7. If you purchased safety equipment for your job like steel toed boots or goggles, please bring those receipts into Allen and Associates along with your others.

8. Did you adopt a child, foster one, or pay for a foreign exchange student to stay with you? Write offs are there as well.

Allen and Associates in Smyrna, TN knows about many other deductibles you may benefit from in addition to the ones mentioned above, and they can bring them to your attention during your consultation. Remember, taxes must be filed on or before April 15th (unless there are special circumstances), so please, check out our website www.aasmyrna.com today and then call for an appointment to sit down with one of our professional tax advisors.