Most Missed Tax Deductions

5 Things You Missed - Even if You Already Filed Your Taxes... Read Or Miss Out

It's more of a game of what they don't want you know, so you will have to owe. Tax Deductions, Saving Benefits. Every Year Millions of Americans leave money on the table that winds up going right back to line the pockets of the top 1%.

Deductions that go unclaimed end up right in the center of the system that created the frustration in the first place: The Government. Many Taxpayers have failed to realize there are bigger deductions and potential savings advantages you should be claiming, especially under the new tax reform. You'll be able to take advantage of these savings, benefits and deductions. If you already filed- you're not out of luck because you can still take advantage and claim many of the benefits here. It's your right to know so you don't have to owe.

1. State Sales Tax, Mortgage Interest & Education

Mortgage Interest - Previously was up to $1,000,000, now under the new Tax Reform the limit is $750,000. It's important to metion this to your CPA/accountant. Education- Up to $2,000 tax credit per return, non-refundable, can be claimed for an unlimited number of years, for Tuition and fees it is: Up to $4,000 tax deduction per return State Sales Tax -makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes, or state and local sales taxes. Health Insurance - the threshold increases to 10 percent of your Annual Gross Income. However, if you’re self-employed and responsible for your own health insurance coverage, you might be able to deduct 100 percent of your premium cost. That gets taken off your adjusted gross income rather than as an itemized deduction. (updated for 2018/2019) Married Vs. Single Deductions: Single is $12,200, Married is $24,400. It will vary if it benefits you to file jointly. Filing jointly usually make sense when one spouse works and the other doesnt (you will amost always save more this route). In some cases file separately married may save you more depending your your gross income & financial s&tuation.

If you're a homeowner, this one thing could save yourself thousands of dollars this year... Congress recently replaced HARP with a new government program called the Freddie Mac Enhanced Relief Refinance (FMERR) initiative. This program is designed to help the average American homeowners reduce mortgage payments by an average of $3,120/year (or $260/month). There's no telling when the program could expire, so it's suggested that homeowners visit the free Enhanced Relief Savings website to check if they qualify right away. If you owe less than $679,325 on your home you may qualify for the FMERR option. It's hard to believe this program exists but after HARP helped more than 3.3 million U.S. households reduce their mortgage, the government knew they had to step in with a replacement. So if reducing your payments by $260/month, paying off your mortgage faster, or even taking some cash out would help you, it's important to check your eligibility here. Checking your eligibility is quick and completely free!

See If Your Home Qualifies Here

How Do I Qualify? Step 1: Click your state on the map to check your eligibility for free  

Select Your State:

  • The standard $6,350 deduction.  
  • Personal exemptions.  
  • Unlimited state and local tax deductions.  
  • A $1 million mortgage interest deduction.  
  • An unrestricted deduction for home equity loan interest.  
  • Deductions for unreimbursed employee expenses.  
  • Miscellaneous itemized deductions.  
  • A deduction for moving expenses.  
  • Unrestricted casualty loss deduction.  
  • Alimony deduction.  
  • Deductions for certain school donations.
  • Deductions from tax extenders.

 Taxpayers who own a home may be eligible for up to $35,680 (or more depending on your location) in cash and it's easy to see if you qualify. Many home owners use this cash to make home improvements or pay off debt, consolidate credit cards, take a much needed vacation or plan further ahead for retirement, but you can use the cash for anything - such as buy a new car.  

Deadlines for this program have not been announced yet, but it's best to take action before the program expires. This cash out equity program makes it easy to update your kitchen or bathroom. The Official Home Improvement survey makes it easy to see if you qualify.

New Tax Brackets:

Below is a chart that reflects the most recent (up-to-date) tax brackets. When you file your taxes in 2019 for the 2018 tax year this should give you more insight.

To Summarize:  

Even if you have already filed you still may be able to take advantage of some these benefits before they expire or deadlines are announced.