It’s that time of year again. Tax season is upon us, and with many of us scrambling to the tax office or wracking our brains over forms, it’s safe to say we want the process to be as quick and as painless as possible. That said, it’s easy to forget some of the simplest tax deductions that could even up saving us more.
When you use local business A&M Multi Services in Vineland, NJ, to prepare your taxes, a charity near you will receive 20% of your purchase when you pay for your service through the Xspero™ app. And while tax season can be a stressful one, you can turn it into something great for someone in your community—and all with a tap on your smartphone.
Here are five tax deductions to remember during tax season so you can get the most out of your return.
Child and Dependent Care
If you rely on childcare while you’re working through the week or require care for a family member or dependent, you can receive between 20% and 30% of up to $3,000 for a child under the age of 13 or family member in need of care. You may also be eligible for $6,000 for two or more dependents.
The high cost of medical care in America is, of course, an outrage. And to ease the blow of high medical premiums, you may be eligible for this tax deduction. However, medical expenses must exceed 10% of your AGI or adjusted gross income to qualify.
Small Business Expenses
For small business owners, there are many tax deductions available that can help with the cost of expenses. From office supplies and furniture to software subscriptions and travel expenses, knowing about these tax deductions can make all the difference.
Education is an investment, and through the Lifetime Learning Credit (LLC) or the American Opportunity Tax Credit (AOTC), some students may qualify for a deduction. The AOTC has more exclusive requirements to qualify, while the LLC has fewer limitations. For instance, AOTC requires students to be enrolled at least half-time and can only be used for four years. LLC has no limitations on the number of years it can be used, but isn’t as generous as an AOTC.
Most teachers have to dig into their own pockets to provide supplies for their classrooms from year to year. Qualified K-12 educators can deduct up to $250 for classroom materials.
Looking for ways to spend your return? There are merchants near you accepting Xspero™
Dollars, so you can shop, dine, and donate without spending more. Download the app on the Apple App Store and Google Play to make a difference today!