As a leader in accounting and Overland Park tax preparation, Pro 31 (based in Louisburg, KS) knows how critical it is to maximize every customer’s tax return in order to get the biggest refund. Every staff member has over ten years of accounting experience, so we are very familiar with all the deductions that are available to our clients.
Individuals that do their own tax preparation in Overland Park will likely be missing out on valuable deductions that could increase the amount of their federal and state returns. This article will highlight some of the most commonly missed deductions according to our Louisburg-based Overland Park CPAs, such as:
- Educator Expenses
- Education Credits
- Charitable Miles
- Retirement Savings Credit
Educator Expenses
If you are an eligible educator, you can deduct up to $250 for education supplies that have not yet been reimbursed, such as books, supplies, or computer–related purchases. Eligible educators are those who have worked as a teacher, instructor, counselor, principal, or aide and have compiled at least 900 hours at an elementary or secondary school for grades K thru 12.
Many of our Lousiburg-based Overland Park CPAs recommend that you file jointly if you and your spouse are both educators, as you are both eligible to deduct $250.
Education Credits
Students who are not in a degree program may overlook the maximum $2,000 Lifetime Learning Credit. To be eligible for this credit, you must meet the requirements below:
- Must pay qualified higher education expenses
- Must pay an eligible student’s expenses
- The eligible student must be: you, your spouse, or a dependent you claim on your tax return
Charitable Miles
Charitable donations can be deducted if you itemize your taxes, but did you know that your mileage can be deducted as well? When you are doing your Overland Park tax preparation, be sure to include your charitable miles since they can be deducted at a rate of $0.14 per mile for 2020 and 2021. Keep a log of all your tolls and parking fees as well; these expenses can also be deducted if they are for charitable work.
Retirement Savings Credit
If you contribute to a 401k or traditional Roth IRA, you may be eligible for a credit of $1,000. Depending on your filing status and AGI, the credit amount varies from 10% to 50% of your contribution. If you use a tax accountant in Overland Park like Pro 31, which is based in Louisburg, we will be sure to check your eligibility status for a retirement savings credit.
The best way to ensure that you are not missing out on any deductions is to reach out to the Overland Park tax preparation experts (who are just 20 minutes away in Louisburg), Pro 31 Tax and Accounting. Our experienced team can handle any concerns you have, whether it’s taxes for a business, an individual, or a family.
Give us a call today at (913) 837-3131 for more information on how we can assist you.
