CPA- Americans are missing out on tax deductions
Even people who claim the standard decution are eligible for some credts and deductions
SAN DIEGO- Tax day is less than one month away. A local CPA says Americans are missing out on deductions. Some apply to people who claim the standard deduction and don’t itemize.
If you pay rent, you may be eligible for the California Nonrefundable Renter’s Credit. Single filers can are eligible for a $60 credit. Married couples that file together get $120. Did you move for a job last year? Even if you take the standard deduction and you didn’t itemize, you can deduct any moving cost not covered by your employer.
For those of you who do itemize, CPA and San Diego State University lecturer, Narelle Mackenzie says you’re allowed to deduct other work related expenses. “If you’re an employee and your employer doesn’t reimburse you for all your expenses that’s another example of where you can claim mileage. If you’re traveling away from home you can claim 50% of your meals.”
Taxes are complicated. That’s why Mackenzie says it’s best to work with a CPA to file your return. They know about all of the deductions you may be missing out on.
If you already filed and think you could claim another deduction Mackenzie says it’s not too late. You can file an amended return. Go to IRS.gov for more information.