Wednesday, December 23, 2015

Terrific Tax Breaks You Shouldn't Miss Out On

There are a lot of tax breaks available in the world today, and obviously, you want to take advantage of all of the tax breaks for which you are eligible. A qualified accountant is your best resource for making sure you don’t miss out on any available tax breaks. However, to help give you an overview, we’ve provided some of the most common (and awesome!) tax breaks available- ones that you should definitely take advantage of if possible.     

Tax Break #1: Charitable Contributions

For once, being a “do-gooder” really can pay off. If you’ve made cash donations or even donations of goods to approved charities, you qualify for a deduction! Just make sure that you hang on to your donation slip or receipt so that you can prove how much you donated/the value of what you donated and that it was to a reputable charitable organization.

Tax Break #2: Energy Efficiency

Are you an environmentally conscious person? Well, that could end up paying off for you too! If you have recently made improvements or additions to your home in an effort to make it more energy efficient, you might qualify for a special tax break. Look into the specifics to see if your latest home project counts, and as always, keep those receipts handy!

Tax Break #3: Sustainable Vehicles

Thinking of the environment really does pay off! Not only can you enjoy a tax break for making your home more energy efficient, but you can also enjoy a break by purchasing a hybrid gas-electric vehicle or a vehicle that uses alternative fuel. The exact amount you’ll save will vary based on the specific vehicle you choose, but definitely look to see where your car falls!

These are just a few of a great many tax breaks that you can enjoy! To learn about others and how they can be used to your advantage, speak with your accountant or your financial advisor. Some of the breaks might seem small, but they can really add up if you take advantage of all that are offered to you!


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