Tax Deductions You Might Be Missing: Maximize Your Refund This Year

Tax season is an opportunity to maximize your refund, but many people miss out on valuable deductions simply because they’re unaware of them. By working with a personal tax accountant in Austin, you can ensure that you’re not leaving money on the table. Here are some common tax deductions that could boost your refund this year.

1. Home Office Deduction

If you work from home, even part-time, you might qualify for a home office deduction. This can include a portion of your rent or mortgage, utilities, and even office supplies. A professional accountant can help you calculate the exact amount you’re eligible to claim.

2. Medical Expenses

Many people overlook the fact that medical expenses, including prescriptions, doctor visits, and certain treatments, can be deducted if they exceed a certain percentage of your income. A personal tax accountant in Austin can help determine if you meet this threshold and how much you can deduct.

3. Charitable Contributions

If you’ve made charitable donations throughout the year, you can deduct those contributions. This includes not just cash donations but also donations of goods, like clothing or furniture. Keep your receipts handy, and let your accountant know about these donations.

4. Education Expenses

Whether you’re a student or a parent paying for your child’s education, tuition fees and other education-related expenses could qualify for deductions or credits. Don’t miss out on this opportunity to reduce your taxable income.

At Bruce Sieffert, PC, we specialize in helping clients maximize their tax refunds by identifying every deduction they’re entitled to.