As we approach to tax session this January 2021, there are many questions you could have that is why the IRS wants you to get ready. Here are some deductions you may or may not know but definitely you could qualify.
- Standard Deduction
- Student Loan Interest
- My Moving Expenses
- My Gambling Winnings and/or Losses
- Medical and Dental Expenses
- My Mortgage-Related Expenses
- My Charitable Contributions
- My Expenses as Miscellaneous Itemized Deductions on Schedule A
- I Deduct Personal Taxes That I Pay as an Itemized Deduction on Schedule A
- My Work-Related Education Expenses Deductible
Since this year has been stop due the Covid 19, let’s take as an example for Medical and Dental expenses, what you do you need to have? Very simple, get ready your:
- Filing status.
- Type and amount of expenses paid.
- The year in which the expenses were paid.
- Your adjusted gross income.
- If you were reimbursed or if expenses were paid out of a Health Savings Account or an Archer Medical Savings Account.
NOTE: The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they’re inquiring. If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax year.
To find out if you qualify for Medical and Dental expenses deduction follow here! Contact us
