Individual tax returns are due by April 15. Here are some tax credits you’ll want to check for.
Haddam Road Founder and Financial Planner, Brian Kearns was recently featured in MarketWatch Picks. In the article, Brian discusses tracking medical and charitable expenses to maximize tax deductions.
Full Article: MarketWatch
“One thing that taxpayers may not take into account is how a bunch of smaller itemized deductions can, with good record keeping, add up to much more than the standard deduction ($15,000 single, $30,000 joint).
For example, if you add up all your qualifying medical expenses, like prescriptions, dental and vision care, medicare premiums, or insurance premiums if you’re self-employed, you can quickly get over the 7.5% of AGI hurdle.
Also, how many bags of old kids clothes do you drop off at Goodwill (they do change size every year)? Those can add up if you cost out each item and get a receipt. Again the key is good record keeping.”
People may not realize that small deductions can add up. — Brian Kearns, CPA and CFP at Haddam Road Advisors
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