Last Minute Income Tax Checklist for 2015 Michigan Taxes

This year’s tax deadline is right at your doorstep. If you heeded good advice, you should have been done long before today. Basic of course is checking the math for the actual tax that you owe (or the refund that you’re owed).

 

For example, make doubly and triply sure that your W-2 and 1099s are all correct. Mistakes are costly. Make sure you put your SSN on all pages, just in case. Also ensure that you’ve claimed all dependents, including retired parents not living with you. If however, for some reason, you’re still doing the paperwork, here’s a quick checklist of possible deductions to look out for before April 15.

 

Retirement Savings

 

Individual retirement accounts (IRAs) can be contributed to any time before the April 15 deadline. These can be claimed against your yearly income tax return. There are arguments for going for the Roth IRA, but only the traditional IRA is tax deductible.

 

Child and Education Deductions

 

The Child Tax Credit (CTC) can help parents by reducing their federal income taxes by up to $1,000 for each qualifying child under 17 years old. To qualify, said child must be claimed as a dependent, be under 17 years old at the end of the year, and is a U.S. citizen or permanent alien. He or she must also be a son, daughter, adoptee, grandchild, stepchild, foster child, sibling, stepsibling or other descendant. Check the IRS rules to be sure.

 

Working parents with a dependent under 13 years old may also be eligible for the child and dependent care tax credit (CDCTC) of 35% of qualifying expenses. The deduction cap is $3,000 per child or $6,000 for two children.

 

Tuition deductions are also allowed for parents, up to $4,000 for college fees. This is limited to filers at $65,000 for single filers and $130,000 for joint filers. The “Hope Credit” can also be claimed for up to $2,500 for the first four years of college education expenses, depending on qualifications. The Lifetime Learning Credit, on the other hand, has no age limit and can be worth $2,000 per year for education expenses in certain schools. This in turn is capped at income levels of $55,000 for single filers or $110,000 for joint filers.

 

Business Deductions

 

Business-related expenses may be deductible from your taxes whether or not you actually own a business. For example, travel is usually deductible. You may also have overpaid your Social Security taxes if you work for multiple companies.

 

Charitable Donations

 

Felt generous this past year? I hope you got receipts. Not only are donations helpful to the end recipients, they can be deducted from you federal income tax.  Aside from cash or checks, donations of a car, clothing, shoes, or furniture – basically anything that has value – is tax deductible.

 

Miscellaneous Tax Deductions

 

Others we may have missed:

 

• Alimony
• Student loan interest
• Prescription eyewear or hearing aids
• Orthopedic aids, including crutches and canes
• Transportation costs for medical issues
• Alcohol or drug abuse treatments
• Local and state income taxes
• Real estate taxes
• Mortgage or refinancing charges
• Business expenses
• Volunteer work expenses
• Losses from theft or casualty
• Tax preparation expenses

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The bottom line really is that everyone is in a different situation, and figuring out how much you actually need to pay depends on a lot of factors. Trying to do everything yourself can, not only lead to costly penalties, but can also have you miss out on actual deductions you could be entitled to. When it comes to taxes, it’s always best to get the help of the professionals.

 

Hazzouri Accounting has almost two decades of experience in helping both individuals and businesses with all their tax needs. We focus on building lasting relationships with the Canton, MI and surrounding communities, putting priority on helping local people and communities – unlike large institutions that focus on profit. Call us today at 734-844-1614 or visit us during regular office hours for more information!

 

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