More Tax Breaks You May Not Know About: CCH Examines Deductions Taxpayers Tend
RIVERWOODS, Ill., March 14, 2013
RIVERWOODS, Ill., March 14, 2013 /PRNewswire/ --The best part of working on a
tax return is finding out how much you'll get back in a refund. Many taxpayers
already count on popular deductions, such as dependents and mortgage interest,
but may be forgetting some others that can also generate more tax breaks. CCH,
a Wolters Kluwer business and a leading global provider of tax, accounting and
audit information, software and services (CCHGroup.com), takes a look at a few
tax deductions that are commonly overlooked – good to know if you haven't
filed your 2012 tax return yet.
"Whether you hire a tax professional or file your own return, the preparer
needs to know what expenses you've incurred and donations you've made to see
if you're entitled to additional deductions," said Mark Luscombe, JD, LLM, CPA
and CCH Principal Federal Tax Analyst. "Some taxpayers may already be lowering
their overall tax bill and not even realizing it."
Three Deductions Often Missed
Medical Expenses– Having to pay income taxes in a year where you also
incurred significant medical bills can be especially tough. But some of those
medical costs could come off your taxes, depending on how much you paid
compared to how much you earned. Luscombe explains more in this video
clip:Overlooked Deductions/Medical Expenses.
Gambling Losses– Yes, there may be a silver lining when it comes to money you
may have lost in the casino, at the track or on other legal wagers that didn't
go your way. Luscombe explains in this video clip: Overlooked
Charitable Contributions– Are you counting every donation made to qualified
charities or other non-profit 501(c)(3) organizations? Luscombe explains what
other donations and expenses may earn you an additional tax deduction in this
video clip:Overlooked Deductions/Charitable Contributions.
If you're eligible, one above-the-line deduction on Form 1040 or 1040A that
may generate tax savings relates to contributions made to an Individual
Retirement Account (IRA). The maximum deduction for an IRA is $5,000 for 2012
or $6,000 for individuals 50 and older making a catch-up contribution. For
2012, the deduction begins to phase out at adjusted gross income (AGI) levels
above $58,000 ($92,000 for joint filers) and is not available to taxpayers
with AGI above $68,000 ($112,000).
Individuals have until April 15, 2013, to make contributions to their IRAs
that apply to 2012 tax returns.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of
tax, accounting and audit information, software and services. It has served
tax, accounting and business professionals since 1913. Among its
market-leading solutions are The ProSystem fx^® Suite, CorpSystem^®, CCH^®
IntelliConnect^®, Accounting Research Manager^® and the U.S. Master Tax
Guide^®. CCH is based in Riverwoods, Ill. Follow us now on Twitter
@CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading
global information services company. Wolters Kluwer is headquartered in Alphen
aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam
(WKL) and are included in the AEX and Euronext 100 indices.
SOURCE CCH, a Wolters Kluwer business
Contact: Eric Scott, +1-847-267-2179, email@example.com or Leslie
Bonacum, +1-847-267-7153, mediahelp@CCH.com
Press spacebar to pause and continue. Press esc to stop.