CPAs offer deduction and credit tips to increase tax refunds
The Illinois CPA Society has distributed the following list of tax credits and deductions. For those that qualify, these credits and deductions could potentially save them money on their 2012 tax bill, or even increase their refund.
Health Savings Accounts: You can contribute to your Health Savings Account (HSA) until April 15, 2013, and still deduct your contributions from your 2012 gross income up to the contribution limits of $3,100 for single-filers and $6,250 for families (taxpayers 55 and older can increase these amounts by $1,000 to $4,100 and $7,250 respectively). Contributions are deductible even if you don’t itemize your return and any interest earned on the account is tax-free.
Charitable Donations Deduction: If you itemize, charitable donations like monetary gifts, the value of materials or food donations, and even the out-of-pocket expenses you incur while volunteering, are deductible on your 2012 return. Be sure you have documentation to back up your claim.
Keep in mind that your tax situation may vary greatly from your neighbor’s, and even from year to year. Using a CPA is the best way to stay on top of the current credits and deductions to put more money in your wallet. A CPA has the advanced education and technical expertise needed to navigate the complexities of all the recent tax law changes. To locate a professional near you, use your local CPA society’s CPA directory.
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