Save money with lesser known tax deduction - Newschannel 6 Now | Wichita Falls, TX

Money to be made by tax savings

Source KAUZ Source KAUZ
WICHITA FALLS, TX (KAUZ) -

Tax season is in full swing as the deadline approaches. Many taxpayers miss out on saving money from lesser known tax deductions. 

Most taxpayers are familiar with common tax deductions such as mortgage interest and medical expenses but overlook other valuable tax saving deductions.

Some lesser known tax deductions are savings for working parents who used daycare or caregivers to watch over their children.

Tannery Lloyd is a professional horse trainer and he says he saved all his fuel receipts for tax benefits.

Shannon Adams, a certified professional accountant at Hupp, Bauer, Hanson & Lewis, said there are deductions for moving if you moved for a new job.

"If you move greater than 50 miles and your employer doesn't pay all of this tax-free, then you can deduct some of those expenses to offset your income," Adam said.

Adams said taxpayers can get deductions on items they'll need for work but their job doesn't always pay for.

"Things that you have that are required by your job even like a physical or dues you have to pay," Adams said.

In Lloyd's case a nice pair of jeans and boots with spurs.

"We never deduct our apparel very much," said Lloyd. "We figure we can probably deduct anything and everything that has to do with it," Lloyd said.

Adams said parents whose income is too high to take advantage of collegiate tax credits should reconsider putting their college students as dependents should reconsider putting their college kids as dependents. She said it may be more beneficial if they don't.

"They can pass that credit to their student if they do not take the dependency exemption for that student," Adams said. "That means they can't take the dependency exemption, the student can't take the dependency exemption but the student can pick up those dependency exemptions on their return."

Tanner said he even gets deductions on his four-legged workforce.

"We are allowed to get deductions one time on our taxes," Lloyd said.

Lloyd said his father was a professional rodeo champion and with all that money he's saving he might be able to buy boots big enough to be a champ too.

The federal tax deadline is April 18th.

Copyright 2017 KAUZ (Wichita Falls, TX). All rights reserved.

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