See Which Receipts Georgia Residents Should Save for Tax Time Jan21

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See Which Receipts Georgia Residents Should Save for Tax Time

Everyone wants to save money on their taxes. This is one of the biggest reasons why people want to use bookkeeping services in Atlanta. However, the question is, what should people be writing off for tax purposes? In this context, writing something off means subtracting an expense from a person’s taxable income.

Bookkeeping services in Atlanta can help you determine if you are going to take the standard deduction or itemize your deductions. The standard deduction for 2021 is $12,550. You could itemize your deductions, which involves listing all the different deductions you have and hoping that this is going to be bigger than the standard deduction. In most cases, it won’t be. You should only save receipts for things like charitable donations if you are itemizing. If not, saving receipts would be pointless.

There are some deductions you can take even if you don’t itemize. One example is student loan interest. If you are a teacher, another example is supplies that you use for your class up to an amount predetermined by the IRS. Moving expenses, alimony, and IRA contributions are other examples. You should save these receipts whether you are itemizing or not.

Freelancers can write off their business-related expenses without itemizing. Everything is listed out on their schedule C. This means that you can deduct the coffee you have with a business contact. You should save your receipts for client dinners, gas, and taxi fares.

Learn how The Georgia Tax Guy is helping people get the deductions they need by visiting this website https://thegeorgiataxguy.com.

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