Get Your Sneaky Tax Savings On: Uncovering Deductions and Credits You Never Knew Existed

by Alysha Harvey, MAcc, EA, CTC, CTP, People Advisor

Today we're talking about a topic that may not be the most exciting, but it's definitely important – deductions and credits that you may not be aware of. That's right, there may be some sneaky tax deductions and credits out there that you're missing out on. So, let's dive in and see what you could be eligible for!

First off, let's talk about some deductions that you may not know about. Did you know that you can deduct expenses related to continuing education? That's right, if you take courses or attend conferences to improve your skills and knowledge in your industry, those expenses may be deductible.

Another deduction that often goes overlooked is the home office deduction. If you work from home, you may be eligible to deduct expenses related to your home office, such as rent or mortgage interest, utilities, and even repairs and maintenance. Just make sure you meet the strict requirements for this deduction before claiming it.

Now, let's talk about credits. One credit that many agencies may not be aware of is the Work Opportunity Tax Credit. This credit is available to employers who hire individuals from certain targeted groups, such as veterans or individuals receiving government assistance. The credit can be worth up to $9,600 per employee, so it's definitely worth looking into if you're hiring.

Another credit to consider is the Employee Retention Credit, which was introduced as part of the COVID-19 relief legislation. This credit is available to employers who retained employees during the pandemic, and can be worth up to $7,000 per employee per quarter.

Finally, consider working with a tax strategist who can help you identify all of the deductions and credits that you may be eligible for. A tax strategist can help you navigate the complex world of tax law and ensure that you're maximizing your deductions and credits while staying in compliance with IRS regulations.

In conclusion, there may be some sneaky tax deductions and credits out there that you're missing out on. From continuing education to the Work Opportunity Tax Credit to the Employee Retention Credit, it's worth taking the time to explore all of your options. So, talk to a tax strategist, do your research, and see what deductions and credits you may be eligible for. Your bank account (and your tax strategist) will thank you!

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