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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