Traverse City Tax Preparation Examiner Frank Ellis unveils the IRS tax deductions for 2016 that may help taxpayers maximize their refund.
Aug 17, 2015 — Tax expert and author Frank Ellis has published information about IRS tax deductions for 2016 on Examiner.com. There are several frequently missed deductions mentioned which can help increase the refund received during tax season. As taxpayers rush to get done, the author says, they may miss important deductions offered by the IRS.
The first mentioned is moving related costs. Expenses of moving individual possessions, and traveling to a new location, may be deductible. To qualify, says the author, one must relocate at least 50 miles from where they previously lived.
Ellis also says taxpayers can deduct student loan interest fees of up to $2,500. Home office expenses can be deductible as well. A few provisions of this deduction are listed in the article under this section. How to deduct parts of the house used for business is explained as well.
Another deduction for 2016 is charitable contributions. These may be payroll deductions, cash donations, charitable mileage, or something else. It’s also possible to estimate the value of donated clothes and household items while the author also notes state income taxes are deductible on federal income. A few points are revealed about this often overlooked fact.
Frequently unused tax credits are also pointed out. Ellis lists and explains tax credits related to energy efficiency improvements and the use of energy saving products. Education credits such as the American Opportunity Tax Credit and Lifetime Learning Credit are mentioned. Some stipends of the childcare credit are also explained to help taxpayers understand what they may qualify for.
These and over 350 tax deductions and credits are automatically identified by TurboTax Online, as mentioned as the final point by the author. To learn more about tax credits for 2016, go to http://www.examiner.com/article/get-a-bigger-irs-tax-refund-2016-with-these-deductions.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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