“What is the most common missed tax deduction?”

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Below are some of the most common questions that clients ask of our team. If you have a question that is not listed below, we invite you to simply ask us for the answer by clicking here!

Q: “What is the most common missed deduction when people file their taxes?”
A: “Real estate taxes paid, you need to include County, local and school real estate taxes.”

Q: “Now that my child is in college, am I entitled to any education tax credits?”
A: “You may be. There are two education tax credits--the American Opportunity credit (formerly the Hope credit) and the Lifetime Learning credit. To claim either credit in a given year, you must list your child as a dependent on your tax return. In addition, you must meet income limits.”

 

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