SAVE BIG BUCKS WITH THESE 4 TAX DEDUCTIONS

SAVE BIG BUCKS WITH THESE 4 TAX DEDUCTIONS

Due to changing or delayed tax laws there are four main deductions that you can easily forget this tax season. Despite the fact that no new tax deductions were introduced in 2014, there are existing which can easily be overlooked. In addition to that late 2014 saw Congress pass some tax extenders which were applicable till 31st Dec 2014, meaning that they cannot be used in 2015 unless the congress renews them. That said here are the 4 tax deductions that can save you big bucks:
Deductions Reinstated through tax extenders;
State & Local sales tax: If you are living in New York or California deducting the state income tax is without a doubt the way to go when it comes to saving big bucks. You can deduct the local sales tax as well as the state in an event that your state has no income tax.
Bonus Depreciation: As an owner of a mid-size or small business, you can deduct up to 50% of the cost of the asset which was purchased by you for your business in 2014.
Deductions which are usually overlooked
Health Insurance Premiums: The Affordable Care Act is bound to have a costly impact to some on 2014 taxes, but for those who are the self-employed deducting your health insurance premiums is also an option. According to the IRS, the deduction is for dental, medical as well as long-term care insurance premiums that are paid by many self-employed individuals for their spouses, dependants and themselves.
Mortgage Points: Mortgage interest deductions is not something new to many and by taking advantage of the low-interest rates when it comes to refinancing your mortgage as well as the paid points can help you save big bucks.
 

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