Acclaro Blog

Maximize Your Deductions

Did you know that US taxpayers itemize more than $1 trillion worth of deductions? $1,000,000,000,000, a number most of us have a hard time comprehending.  And those who don’t itemize claim about $700 billion using standard deductions.  Those of you who don’t itemize may very well be missing the opportunity for a larger refund.

Also, Child Care Credit: If you run your child care expenses through your employers flexible spending plan you are limited to $5,000. per year.  If you have expenses over $5,000. you can claim a credit of up to $1,000. more.

It’s very easy to miss one of the many opportunities to reduce your tax burden. A number of years ago, the head of the IRS at the time told Kiplinger’s Personal Finance magazine that he figured millions of taxpayers overpaid their taxes every year. So, we thought you might like to review the following article:

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