Still need to file? Get ahead of the October deadline to avoid or reduce IRS penalties. Start Now! For tax preparers  TaxSlayer Pro is software for tax preparers filing client returns.
Still need to file? Get ahead of the October deadline to avoid or reduce IRS penalties. Start Now! For tax preparers  TaxSlayer Pro is software for tax preparers filing client returns.

Slay your Taxes with TaxSlayer’s
Top 5 Overlooked Deductions to Maximize your Refund

Leading online tax site helps consumers avoid leaving money on the table this tax season

EVANS, GA – As Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes. However, filing your taxes can be rewarding if taxpayers take advantage of the appropriate deductions. During the 2015 tax season, more than 50 million Americans prepared and filed their tax returns on their own, generating an average refund of around $2,700.*

To help taxpayers capitalize this tax season, and maximize their refund, the experts at TaxSlayer, a leading online tax service provider, have compiled a list of the top 5 deductions commonly overlooked to ensure you don’t leave money on the table. Submitting deductions with your return can potentially add more dollars in your bank account come spring. Deductions include:

  1. The Doctor Will See You Now.
    Going to the doctor can be expensive with copays, cost of transportation, prescriptions and premiums adding up to large amounts. However, most people don’t know—or take the time to find out—that medical expenses can be a major deduction item. So, if you got an annual exam, contact lenses, glasses, visited a chiropractor, purchased birth control pills, used a service animal, or even got braces in 2015, make your deductions and get back some of that money you spent taking care of yourself. i
  2. Oh Baby!
    Millennials are waiting longer to start families, with some deciding to forgo children all together. For couples with baby fever the reward outweighs the cost hands down. The deductions a baby can produce might surprise you. For those of us that need a little extra help, infertility treatments has proven to be very successful—and deductible. Treatments like artificial insemination, tubal ligation reversal and vasectomy reversal surgeries, as well as In Vitro Fertilization are all tax deductible. Infertility costs can reach into the tens of thousands, so take advantage of these deductions at the end of the year for a greater return.
  3. Working From Home Just Got Easier.
    Working from home can be great, but keeping track of all your expenses can oftentimes be a hindrance. The IRS did us a solid a couple of years ago by developing the Simplified Business Use of Home (Form 8892), which is a deduction designed for self-employed individuals that work from home (or a remote agent style employee). It allows the self-employed a deduction using up to 300 sq.ft. of their home at an automatic $5 per sq. ft., which takes the place of all other expenses. The maximum deduction amount is $1,500.
  4. Breaking Up Is Hard To Do.
    We’ve all heard the overused truism that 50 percent of marriages end in divorce. Since people are tying the knot at a more mature age, marriages are beginning to stand the test of time. However, if you are not a part of the “lifers” club, and you have to pay alimony, you’re in luck! Alimony is deductible as long as you follow the requirements put in place by the IRS, such as payments must be made in cash, alimony must be court ordered, the former couple cannot live together or file a joint tax return, just to name a few. There are seven requirements in all, for a complete list visit the IRS website.
  5. Still Getting Help From Mom And Dad?
    Congratulations on graduating (six months ago)! Finding that “dream” job is taking longer than expected, so your parents have agreed to help you out with student loan payments. This is great in more ways than one. First, your parents are footing the bill, which is one less thing you have to worry about while you are trying to find your place in the workforce. Secondly, you can deduct the interest paid by your parents! This is what we in the tax biz call a “win-win.” As long as the previous student is not still being claimed as a dependent they can qualify to deduct up to $2,500 of interest. We hear you thinking out loud, and no, your parents have no claim to the student-loan interest because they are not responsible for paying back the loan, you are. Like we said, “win-win.”

For more information and ways to save, visit https://www.taxslayer.com

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TaxSlayer grew out of a family-owned company with 50 years in the tax preparation business. We are one of the leading software development companies for tax services and offer a range of high-quality, low-cost tax products to assist individuals and professional tax preparers.

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* IRS.gov
i Remember, medical expenses are deductible if they are not reimbursed by your health insurance provider and the expenses exceed 7.5 percent of your adjusted gross income if you’re 65 or over or 10 percent of your AGI if you’re under 65 years old. To report medical expenses please use Schedule A, Form 1040.

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