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Dig deep for 6 tax return nuggets

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in Small Business Tax,Small Business Tax Deduction Strategies

Are you almost ready to file your 2016 tax return? Don’t rush through it.  

Strategy: Mine your return for tax-saving nuggets. These are items below the surface you might not have found before.

By unearthing extra deductions and credits between now and April 18, you can save hundreds or even thousands of tax dollars. Here are six possibilities.

1. Sweep up a tax break. The dependent care credit may be available if you employ someone to look after your underage children while you and your spouse work. The maximum credit is usually $600 for one child and $1,200 for two or more children. Note that you can claim the credit for a housekeeper or maid who watches your children in addition to performing other household services.

Tip: Amounts paid to a chauffeur or gardener won’t qualify.

2. Track down job-hunting deduction. Did you or your spouse look for a new job last year? Generally, you can write off costs of job-hunting in the ...(register to read more)

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