get services of best tax accountants in wellington, new zealand
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10 Most Overlooked Tax Deductions that you need to know
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Tax deduction is a reduction of income which is able to be taxed.
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main difference between credits, exemptions and deductions is that deduction and exemption
reduce taxable income; on the other hand credits reduce tax.
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If you want to know the details on tax deductions, then you may contact a reputed
chartered accountant who can able to offer you all information.
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The chartered accountants in wellington can
provide you business advisory services and help you to solve all your tax related problems.
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Below mentioned are 10 most overlooked tax deductions.
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1. State sales taxes
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You must decide on either
deducting state or local income tax or otherwise
on state and local sales taxes
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The income tax deduction usually
is a better deal for most citizens
of income-tax states.
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IRS has tables for residents of states
with sales taxes that show how much they can
deduct
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The IRS even has a calculator which helps you to understand the
deduction.
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You have to remember that
each reinvestment will increase your tax basis in the
fund, if in case you have mutual fund
dividends.
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When you sell your shares, it
will in turn reduce the amount of
taxable capital gain
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It is hard to overlook the big charitable gifts that you ever
made either by a check or via
payroll deduction.
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A child who is not claimed as
dependent is eligible to deduct
up to US $ 2,500 of student loan
interest paid by the parents.
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Job-hunting expense while
looking for your first job is not
deductible.
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But, on the other hand moving
expense to get to that first job is deductible
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If you pay your child care bills by means of a reimbursement account at work, in that case, you can easily overlook the
child care credit
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It is a refundable
tax credit that ranges from
$503 to $6,242 for
2015.
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EITC increase wages for
low-to-moderate income
workers.
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When you filed your 2014 state tax return in
2015, did you owe taxes?
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Use TurboTax which ensures that you don't miss out any of the deduction
or credit.
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When you purchase a house, you
can get your mortgage all at one time
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You have to subtract the
points over the life of the loan
once you refinance a mortgage
Miller Dean Chartered Accountants Limited is a well known firm which offers you advisory services which are genuine
and cost effective.
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Chartered accountants in Wellington take care of all your accounting and
bookkeeping requirements that include the preparation of your annual account,
planning purpose and business appraisals.
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We will discuss your necessities with you and offer you much tailored information
and positive advice.
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Contact Us
Address : BW Miller Dean Ltd Level 5, 203-209 Willis Street,Wellington 6142,
New Zealand
Phone : +64 (0)4 910 3340
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