Don’t Miss an Important Tax Deduction This Year

Educational Articles | 03.06.2015

Executive Vice President, Donny Burkett, sat down with WLTX 19 News earlier this week to talk about something that’s on everyone’s mind this month: taxes. Lucky viewers got to learn about common deductions and credits that are typically missed when filing taxes. You might have missed some, too, so let’s recap.

At the top of Donny’s list were education deductions. Family members who contribute to a student’s tuition plan at a public or private secondary school may be eligible for both Federal and South Carolina credits or deductions. Educators who use their own money for supplies may also be eligible for a $250 federal deduction per year.

Donny discussed deductions for charitable giving and volunteer work. Saving your receipts and making a list of charitable donations along with tracking the miles you travel to do volunteer work could yield deductions when you file your taxes.  Also, Volunteer firefighters, hazmat workers, and rescue team personnel may qualify for a South Carolina deduction worth up to $3000 with proper paperwork and minimum hours worked.

Donny also covered retirement deductions and even sat down for a quick question and answer session after the segment. See the full video here or learn more about filing your taxes at our website www.burkettcpas.com.

 

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