Tax season is upon us and here are some things you might need to give to your tax professional
Besides the W-2’s and 1099’s that you receive, parents of students (and those that are students) may have tax benefits that they should definitely be taking advantage of. These include tax credits for education which include costs for tuition, and materials (like school supplies and textbooks) For those who graduated student loan interest payments may be deductible.
Other tax credits to consider includes solar panels for your home, energy efficient improvements and a electric vehicle credits. Additionally, if you earned a foreign income and were taxed by another government, you may be eligible for a Foreign Tax Credit. If you worked abroad you should be aware of the Foreign Earned income Exclusion which allows you to exclude foreign income up to a certain amount on your taxes.
We’re here to help you navigate the confusing and make it sensible and stress-free.
If you’d like to know more, please call me at 619-497-1040.