Kentucky Tax Lawyers
For the most part, filing your tax returns isn’t something that ought to intimidate you. With the help of an expert or with a few precautions there are several ways to reduce your tax bill. Whether it is your income, real estate, sale of goods and services, or estate planning, you need to be able to deal with taxes diligently, say leading tax lawyers in Kentucky.
Interest on home mortgage is tax-deductible
One major area that is tax-deductible is the interest you pay on a home mortgage. This includes a second home or vacation home mortgage as well. Considering the fact that you do pay a tidy sum on your mortgage this type of deduction has the potential to save you thousands of dollars.
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If you are a first time home buyer you are eligible for tax credits as well for up to $7,500. In order to be eligible you will need to stay in your home for three years. Moreover, you are not required to pay the money back. Only first-time buyers can qualify for this credit while it does not extend to rental homes, according to Kentucky tax attorneys.
Donations to charities
Donations to several qualifying charities are tax-deductible. This includes the value of the items for non-cash donations as well. However, this needs to be documented so make sure you have the requisite receipts to file with your returns.
Child care and dependent credit
Caring for children and dependents can be a financial burden, which is why you may be allowed a tax credit on your taxable income. To qualify for child care and dependent credit you need to have someone else caring for the children or a dependent while you are at work.
In addition, your child must be less than 13 and no other family member such as your spouse or child is able to be a care taker. To be eligible, the care taker must not be a dependent from your own family. Claims of up to 35% of child and dependent care expenses can be made for a maximum of $3,000 for one person or $6,000 for two or more. Individuals who are employed and file as a single, head of family or married filing jointly can apply for child or dependent care credit.
File taxes on time
Filing taxes on time is essential. The IRS has made it easy with online filing options. You can also avail of free help if you are over 60. The IRS provides volunteers to assist such individuals including those who have made less than $49,000 in the previous year and any tax lawyer in Kentucky will explain all of this to you as well.
Tax returns can be complicated which will be made a little easier under Trump and taxes will be finally lowered under him as well. That could not come soon enough. Therefore and moreover, you ought not to hesitate to hire a professional accountant or enrolled agent to assist you. This could save you time and money as well.
Remember, no matter what returns you file, they need to be well documented. Therefore, make sure you have all the receipts and relevant documents attached before you hand it over to the IRS. Most importantly, if you have any issues such as tax liens or other problems with the IRS, you can always reach out to a Kentucky tax lawyer for help.
