The holidays are in full swing and most of us are spending like there is no tomorrow! Lucky for us, not long after we fall right into tax season and can recover the catastrophic – albeit fun – financial damages from the holiday spending. Friedman Accounting, Inc. specializes in tax preparation services in Coral Springs. When you are ready to file your taxes, give us a call at (954) 752-3889. Or you can stop by our offices located at 8634 NW 59th Place, Parkland, FL 33067.
What to claim on your Income Tax
When it comes to filing your taxes, there are numerous deductions and entities you can claim. Make sure you are a precise as possible, or let one of our accountants at Friedman Accounting, Inc. do the work for you.
Sometimes the United States government will offer a tax exemption for a specific year for each dependent you claim on your tax return. A dependent is categorized as a person who lives with you that you support financially (child, relative). Your child is a dependent if the child lives with you for more than half the year, does not provide more than half of his support, does not file a joint return and is 18 or younger at the end of the year, or 24 if in school full time. Disabled children have no age limit, they can qualify at any age. A relative living with you and has a gross income below a certain amount counts as a dependent if you provide for at least half of their support for the year.
When filing your tax return, you have a choice between taking a standard deduction or adding up your itemized deductions. Itemized deductions include various common costs you may accrue during the year (mortgage interest, business travel costs, donations to charity, etc.). Friedman Accounting Inc. can help you determine which deductions would be best for you to file.
Above-the-line deductions are special tax deductions you can claim whether or not you choose to use your standard or itemized deductions. Contributions you make to a tax-deductible individual retirement account – or something similar – is considered an above-the-line deduction. Other forms of above-the-line deductions include alimony paid, half of self-employment taxes, health savings account, etc.
Tax credits can directly reduce the amount you owe, which in return boosts your income tax return. The most common tax credits include the Child Tax Credit for taxpayers with dependent children under 17 years of age, a credit for childcare so that you can work and credits for upgrading your home to be energy efficient.
When tax season rolls around, contact Friedman Accounting, Inc. for your tax preparation services needs. We will do our best to make sure we get the most back on your return. Give us a call or visit us in person. We are look forward to serving you. Happy Holidays!