Maximizing Tax Deductions
Paying income taxes is the obligation of all Americans. While we are all happy to pay our fair share, no one wants to pay too much income tax. That is where maximizing tax deductions come into play.
U.S. Congress has written the tax code; all 4+ million words of it; to allow individuals and businesses to claim certain tax deductions to lower their tax burden. Many of these tax deductions are designed to help lower-income households, working parents, homeowners, and people paying for college but there are some strategies for high net worth individuals and small businesses.
There are dozens of tax deductions available; the trick is figuring out whether you qualify for them. The first step to maximizing tax deductions is to understand them. A tax deduction is a qualified expense that lowers your taxable income, thereby reducing the tax you owe.
Some of the popular tax deductions are:
- Itemized Deductions
- Accountable Plan
- Home Office Expense
- Travel Expense
- Meal Expense
- Fringe Benefits
- Hiring Children
Contact LNK Tax Group at 661-491-7222 or 213-588-1120 or you can book a free consultation online to learn more.
We provide tax consulting and tax planning on maximizing tax deductions to businesses in Downtown Los Angeles and Santa Clarita including, Valencia, Stevenson Ranch, Newhall, Castaic, Canyon Country, Agua Dulce, Saugus, Rancho Santa Clarita, Sylmar, Mint Canyon, Val Verde, Mission Hills, Castaic Junction, Granada Hills, Porter Ranch, San Fernando Valley, and Los Angeles County.
If you would like to see the California Tax official page on Maximizing Tax deductions, you can visit the official page at https://www.ftb.ca.gov/file/personal/deductions/index.html (opens new window)
Related post from our site:
Maximizing Deductions – Qualified Business Income (QBI)
Maximizing Deductions – Car & Truck Expense
Are the Donations I Receive from Online Streaming Taxable?