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Check This List of Don’t Miss Tax Deductions

March 29, 2014

Hidden tax tipsAs tax day approaches, it’s important to take advantage of breaks in your taxes that can either help you recover from calamity, save more to put toward a mortgage or just have more money in your wallet. Thankfully, the Equifax Finance Blog’s tax section is ready to help you save!

There are two big ways to save to keep in mind if you experienced loss this year. When working on deductions, remember:

  • Casualty loss deductions. With all of the storms and disasters that happened in 2013, you may have experienced some kind of destruction for which you did not receive full reimbursement from your insurance company. There are two kinds of casualty losses: business and personal. Business casualty losses are fully deductible on your business tax return or Schedule C. Personal losses are tougher to deduct. First, you must deduct 10 percent of your adjusted gross income from those losses. Then, you need to reduce the losses by another $100. Most people don’t overcome those thresholds, so keep really good records of how you arrived at the value of your losses, and don’t lose the data because these losses are often audited.
  • Disaster losses. The IRS has special rules for casualties in certain major disaster areas. If you were a victim of one of these disasters, you might be able to use the losses in a prior year to get a quicker refund. Speak to your local tax professional about how this works.

There are still plenty of ways that you can save with tax breaks even if you were lucky enough to avoid disaster this last year. Check the Equifax Finance Blog and the full article “

Tax Facts: 6 Tax Deductions to Remember This Tax Season” to learn more!

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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