Top Tax Deductions You Might Be Missing

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As you prepare for the upcoming tax season in El Paso, it’s time to note all the areas where you can save money. While many taxpayers are aware of popular deductions, such as mortgage interest and charitable contributions, you may benefit from plenty of other deductions.

Marcus, Fairall, Bristol, & Co. is El Paso’s reliable tax preparation accounting firm. We can help individuals and businesses minimize tax liability while complying with all tax laws and regulations. Contact us online or call (915) 775-1040 to learn more today.

Student Loan Interest Deduction

For individuals not claimed as dependents, you may be eligible for a deduction on student loan interest paid by you or someone else. This deduction allows you to reduce your taxable income up to $2,500, which can be helpful for those struggling with student loan debt. 

Job Search Expenses

If you, like many others, are actively searching for new jobs within your current industry, you can deduct specific job search expenses. You may receive a deduction if you have spent money on resume preparation, travel for interviews, or worked with a job placement agency and had to pay fees. An experienced CPA can work with you on your tax preparation in El Paso to keep detailed records of your expenses to determine your eligibility.

Home Office Deduction

In an age where more people work remotely, many people have converted spaces in their homes to incorporate a home office. You may qualify for this deduction if you use part of your home exclusively for business purposes. Eligible expenses include a portion of your rent or mortgage, utilities, and home maintenance costs. Be sure to meet the criteria for a home office deduction, as it often requires a dedicated workspace used solely for business purposes. In other words, a guest room with a desk may not qualify. It is essential to know if you meet the criteria for tax preparation purposes.

Medical Expenses

Taxpayers often underestimate what medical expenses are deductible from their taxes. Travel expenses for medical treatment, for example, are deductible costs alongside certain home improvements for medical care and alternative therapies. A CPA can help you with your El Paso tax preparation to ensure your medical expenses meet the specific criteria for this deduction.

Educator Expenses

It’s a sad truth that many teachers and educators often spend their own money on classroom supplies without reimbursement. The Educator Expense Deduction allows eligible educators to deduct up to $250 for qualified out-of-pocket expenses for books, supplies, computer equipment, and other classroom materials.

Energy-Efficient Home Improvements

You may be eligible for tax credits if you have recently installed solar panels or energy-efficient windows in your home. These credits can directly reduce the tax owed, incentivizing environmentally conscious home improvements.

Tax Preparation Services in El Paso

Marcus, Fairall, Bristol, & Co. offers a wide range of effective tax services to help you reduce your tax liability. Our team is experienced, knowledgeable, and committed to helping you reach your financial goals by working with you every step of the way. If you’re interested in reducing your taxes and identifying any deductions or credits you missed, call (915) 775-1040 to make an appointment today.