Davis Kinard & Co, PC
First Financial Bank Building
400 Pine St. Suite 600
Abilene, Texas 79601-5128
phone: 325.672.4000 /
800.588.2525
fax: 325.672.7049
e-mail: dk@dkcpa.com

 

Be sure to keep track of all potential deductions during the year. It’s always better to have too much information than not enough.
_____________________________________________________

Keep your deductible receipts and checks for at least three years after you’ve filed them.
_____________________________________________________

Itemized deductions are expenses deductible against your Adjusted Gross Income. Examples of these expenses include medical costs, real estate tax, mortgage interest and charitable contributions.
_____________________________________________________

To claim an exemption for an older relative, they do not have to live with you, but you do have to pay over one half of the person’s support for that year, and their gross income must be less than the exemption amount.
_____________________________________________________

If you buy tickets to a charitable event, you can deduct all but the fair market value of what you receive in return, for example a meal or entertainment.
_____________________________________________________

Don't forget to include your Social Security Number (and your dependent's) on your tax return. This number is required to claim several tax credits, such as the Child Tax Credit and ones for educational expenses and dependent care costs.  Without the numbers, or the wrong ones, the IRS will disallow these tax breaks.