Don't Forget Important Income Tax Deductions

Every year that special day rolls around that people so look forward to – Tax Day! Okay, so maybe I'm being a little bit sarcastic here. I know how much people get stressed out when tax season rolls around, but it doesn't have to be torture ever year. In fact, filing a Naperville income tax return can be a lot easier, when you understand some tax basics.

Don't Forget Your Deductions

The easiest way to start learning about your Naperville income taxes is by thinking about deductions. As you know, every individual and business is eligible for certain deductions when they file their tax returns. Many people, however, overlook many deductions that they are eligible for. And that's like leaving money just lying on the table.

Here are some of the common deductions that you should be aware of:

-    Charitable Giving Deductions – Many people give regularly to charities and don't take advantage of these deductions
-    Student Loan Interest Deductions – More people are getting student loans these days...
-    Unreimbursed Medical Expenses – Insurance companies are requiring many of us to pay more for medical care out of our own pockets.
-    Home Mortgage Interest – If you're a home owner, this deduction is critical.
-    Child Care Tax Credits – With most families being two income families, child care bills can really stack up.
-    Tax Preparation Fees – Yes, you can deduct what you paid last year to get your taxes prepared.

And those are just a few of the more common deductions that many people aren't even aware of, or at the very least are not taking advantage of when they file their tax returns. Be sure to talk to your tax advisor or accountant to make sure that you are getting all of the deductions that you are eligible for, to make tax day less of a burden each year.

Saturday, February 4, 2012