officially crunch time when it comes to finding the best tax deductions
available to consumers ahead of the filing deadline, which is only about a week
away at this point. However, at this time it might be the most important for
taxpayers who are rushing to cover themselves and maximize their potential
refunds to examine the ways in which others make mistakes and miss what could
be extremely valuable deductions.
cases, those who do their own taxes simply don't know the many types of deductions for which
they may be eligible, or are worried that by claiming too many they will arouse
the suspicion of the Internal Revenue Service and trigger an audit, according
to a report from the New York Post. The variety of tax breaks consumers may be
able to claim is often huge, and there's nothing wrong with them taking every
one to which they are totally entitled.
of all, people need to relax and calmly review the deductions that are
available," Lewis Altfest, a certified public accountant and adviser in
Manhattan, told the newspaper. "Often a client will take a deduction
one year and then forget to take it in succeeding years."
savings that often go by the wayside
One deduction many parents may be able to claim will help cover the cost of a
kid's trips to summer day camp, the report said. This can be deducted because
the federal government views it as being tantamount to day care; however, if
they sleep over, it can no longer be claimed. In addition, consumers should
also try to keep in mind that any tax advice they receive from a professional
will be able to help them further reduce their liabilities, because these fees
can be written off as well.
to that benefit, working with a tax professional can also help by allowing
people to discover all the various benefits for which they may be able to
qualify. This, in turn, can potentially maximize the size of a refund from the
Internal Revenue Service while giving taxpayers the assurance that they won't
have made any mistakes that could increase their chances of being
For a more
in-depth look at Liberty Tax Service, visit the Give Me
Liberty! Magazine. Follow Liberty Tax on Facebook and on Twitter or contact
Liberty Tax directly at 1-877-at-Liberty.