{"id":371,"date":"2013-03-13T13:53:06","date_gmt":"2013-03-13T20:53:06","guid":{"rendered":"http:\/\/chrismiles.wphelp.ninja\/2013\/03\/13\/commonly-missed-deductions\/"},"modified":"2017-04-21T12:50:35","modified_gmt":"2017-04-21T19:50:35","slug":"commonly-missed-deductions","status":"publish","type":"post","link":"https:\/\/moneyripples.com\/money-ripples-st\/?p=371","title":{"rendered":"Commonly Missed Deductions"},"content":{"rendered":"

Before you file your taxes this year, be sure to invest just a few minutes of your time to ensure you don\u2019t miss out on these commonly missed tax deductions this year\u2026and every year forward. <\/p>\n

In fact, I just had my accountant review one of my client\u2019s tax returns last week. They had missed out on at least $9,950 of taxes that they would have overpaid! Yuck!<\/p>\n

So here are the most commonly missed deductions I see my clients miss (As a disclaimer, I am not an accountant, and because Congress has issues making up their minds, these rules could change by the time you read it. Consult your CPA to see which can apply to you):<\/p>\n\n\n\n
\n
    \n
  1. Auto Expenses\/Mileage<\/strong><\/li>\n
  2. Child Labor (legal, of course)<\/strong><\/li>\n
  3. The Right Corporation<\/strong><\/li>\n
  4. Home Office Expenses<\/strong><\/li>\n
  5. Medical Expenses<\/strong><\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
    <\/td>\n\n

    Auto Expenses<\/h3>\n

    Many know they can write off mileage, but don\u2019t know how to get the most of it. For example, if you have a home office, you can deduct mileage to and from another office, or another job site). The key is to conduct business in between work locations.<\/p>\n

    For example, you could stop by a grocery store or Laundromat and leave a business card on their corkboards. Also, if you have a corporation, there are ways to lease your vehicle and save even more tax.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
    <\/td>\n\n

    Child Labor<\/h3>\n

    Before you cast stones at me, this means hiring your children to work for your company. As of 2012, you can employ your minor children to work for you where they, AND YOU, won\u2019t pay taxes for their first $5,950 of income each year! In fact, it\u2019s a tax deduction! This could be a great way for you to help them save for college, clothes, or other things that can save you money today!<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
    <\/td>\n\n

    The Right Corporation<\/h3>\n

    Many set up corporations without any professional help, or just blindly take advice from an accountant that doesn\u2019t understand all of the business benefits. If you\u2019re earning at least $5000 per year, look into at least setting up an LLC. If you start netting at $40,000 or more per year, you should consider setting up a corporation. Those that have corporations can actually pay lower tax rates because they have the ability to pay dividends on top of their wages. The clients I mentioned at the beginning were doing this already, but didn\u2019t realize they could do more and save an additional $3,700 a year! Naturally, consult with your attorney or accountant before making any moves.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
    <\/td>\n\n

    Home Office Expenses<\/h3>\n

    Another commonly missed deduction is home office expenses. Many don\u2019t realize they can have a home office and deduct a portion of their mortgage interest, utilities, home insurance, etc. For instance, if your home office (including business storage space) is 10% of your home, this means you can deduct 10% of all of these expenses! This also could save you into the thousands of dollars each year!<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
    <\/td>\n\n

    Medical Expenses<\/h3>\n

    Did you know that, in addition to your health insurance premiums, you could deduct your contributions into your Health Savings Account? Many don\u2019t realize that there are many ways to use your Health Savings Account, beyond the doctor\u2019s office, including dental, vision, and chiropractic care, among many others.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \"mr-6\"These are just a few of the most commonly missed deductions that people miss. If you don\u2019t have a business, you may consider finding a hobby or side business that you can do to increase your tax advantages that you wouldn\u2019t have working a normal job.<\/p>\n

    Again, I would advise you to consult your accountant to know what is right in your situation. Hopefully, your accountant understands tax rules well enough to help you pay the least that you\u2019re responsible for paying the IRS. I love paying taxes\u2026but not more than I\u2019m required.<\/p>\n

    Now, take some deductions and save some money!<\/p>\n","protected":false},"excerpt":{"rendered":"

    Before you file your taxes this year, be sure to invest just a few minutes of your time to ensure you don\u2019t miss out on these commonly missed tax deductions this year\u2026and every year forward.  In fact, I just had my accountant review one of my client\u2019s tax returns last week. They had missed out … Commonly Missed Deductions<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":364,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-and-podcasts"],"acf":[],"rttpg_featured_image_url":{"full":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",250,175,false],"landscape":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",250,175,false],"portraits":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",250,175,false],"thumbnail":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5-150x150.jpg",150,150,true],"medium":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",250,175,false],"large":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",250,175,false],"tf-client-image-size":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",120,84,false],"1536x1536":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",250,175,false],"2048x2048":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",250,175,false],"bloom_image":["https:\/\/moneyripples.com\/money-ripples-st\/wp-content\/uploads\/2013\/03\/images_mr-5.jpg",250,175,false]},"rttpg_author":{"display_name":"Chris Miles","author_link":"https:\/\/moneyripples.com\/money-ripples-st\/author\/chris"},"rttpg_comment":0,"rttpg_category":"Blog and Podcasts<\/a>","rttpg_excerpt":"Before you file your taxes this year, be sure to invest just a few minutes of your time to ensure you don\u2019t miss out on these commonly missed tax deductions this year\u2026and every year forward.  In fact, I just had my accountant review one of my client\u2019s tax returns last week. They had missed out…","_links":{"self":[{"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=\/wp\/v2\/posts\/371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=371"}],"version-history":[{"count":1,"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=\/wp\/v2\/posts\/371\/revisions"}],"predecessor-version":[{"id":582,"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=\/wp\/v2\/posts\/371\/revisions\/582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=\/wp\/v2\/media\/364"}],"wp:attachment":[{"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneyripples.com\/money-ripples-st\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}