Commonly missed tax deductions and how to address them

As a citizen, you must ensure that you pay your due taxes.  At the same time, you must, of course, ensure that you pay only what you are legally obligated to pay.  What often complicates things is that you find yourself too busy to notice and declare various deductions you are actually entitled to. 

Among the most common deductions, most Americans miss filing are student loan interests, expenses incurred from moving and searching for jobs, refinancing costs, contributions to various charities, IRD estate and state sales taxes, and prior state tax liabilities.

There are fine-print rules that some don’t bother or fail to read and study, causing undue stress as they labor to obtain rightful tax deductions.  You can still insist on the do-it-yourself route or rely on various tax software now available, but the best and most hassle-free solution is still to hire a certified tax professional or CPA. 

With the aid of CPAs, you’d be able to efficiently trace all tax deductibles.  CPAs will likewise offer sound advice on how to further maximize deductions, plan taxes better throughout the year, and gain better refund.  Of course, it goes without saying that having a tax professional helping you frees you up from stressful computing chores and any other mistakes that may arise in the process. 

Barry Bulakites is the co-founder, president, and chief distribution officer for Table Bay Financial Network, Inc. He is a recognized innovator in the financial services industry and is responsible for retirement marketplace platforms America’s IRA Centers™ and America’s Tax Solutions™. For more tips on the optimal handling of taxes, follow this Twitter page.