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Deductions

Deductions. Itemized (Tax) Deduction – items that reduce your taxes…children, mileage for driving to work, student loan interest, cost of home office, etc. Standard Deduction – deduction set by the government based on filing status

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Deductions

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  1. Deductions • Itemized (Tax) Deduction – items that reduce your taxes…children, mileage for driving to work, student loan interest, cost of home office, etc. • Standard Deduction – deduction set by the government based on filing status • The government automatically gives you a specific dollar amount that you can deduct to help lower your taxes, varies with status and year

  2. Taxes are due on April 15th! (or by the first business day after that date if it falls on a weekend or federal holiday)

  3. Filing Extensions The following steps should be taken if you are unable to file your taxes by April 15: • An extension of time beyond the April 15 deadline during which taxpayers, with the approval of the IRS, can file their returns without incurring penalties • Must estimate the taxes due and remit that amount with the application • Does NOT give tax payers more time to pay their taxes

  4. Tax Fundamentals • Death of a Tax Payer – spouse or executor of the estate will have to pay the taxes • If Someone Cannot Pay – you are able to arrange to make “installment” payments, OR you may be forced to sell your assets

  5. Preparing Your Tax Return • Do it yourself • Get help from the IRS • Use professional services • Tax services • Certified public accountants (CPAs) • Enrolled agents (EAs) • Tax attorneys • Use tax software • Computer-based tax returns • Taxpayer is responsible for accuracy!

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