Taxes 101
Tax Credits And Deductions
These May Reduce Your Tax Liability
Liberty Tax Service reminds you that a refundable additional child tax credit may be available to those who qualify and have not used up the available child tax credit.
A refundable additional child tax credit may be available to those who qualify and have not used up the available child tax credit. A military taxpayer’s nontaxable combat pay is added to the earned income which may give a larger credit. The percentage used to determine the credit is 15% of the earned income over $3,000.
If you've moved at least 50 miles during 2014 in order to work at a new work location, you may be able to deduct some moving expenses. For 2014, the standard mileage rate for the cost of operating your car for determining moving expenses is 24 cents per mile driven....
Generally, you can depreciate the amount you spend for tools used in your work. Some of the other expenses you may deduct include union dues, job-related magazines and books, and other related business expenses. If your employer requires you to wear work clothes or uniforms...
You should not overlook medical deductions for which you qualify. Hearing aids, eyeglasses, contact lenses, hospital fees for nursing, physical therapy, lab tests and x-rays are all deductible. You may also deduct mileage driven to fill prescriptions at 24 cents per mile driven....
The standard business mileage rate for 2014 is 56.5 cents per business mile driven. The deductible amount for mileage driven during a move and/or for medical purposes is 24 cents per mile driven....
A credit for up to 35% of qualified child and dependent care expenses paid is available for taxpayers who pay childcare in order to go to work. Qualified expenses may be allowed for up to $3,000 for one eligible individual ($6,000 for two or more)....
Taxpayers can exclude from income distributions from IRAs made directly to a charity through December 31, 2014. The maximum contribution limit for 2014 is $100,000.
