iStock/ThinkstockYou’ve been warned about what you can’t deduct on your tax return, but how do you know if you’re taking all of the credits you are entitled to by law?
Accountant Janice Hayman says the IRS website, IRS.gov, is a good place to start, especially if you’re looking for loophole.
“You may think you’ve found your proof that could defend that deduction you want to take or why that income might not be taxable and yet, there could be an exception and you don’t find that information,” she says.
If you run into a road block, you aren’t alone.
“There is a lot of gray in the tax law and there are a lot of exceptions to certain rules. A tax professional could be very helpful at that point,” Hayman says.
The earlier you start preparing your return, the more likely you’ll be able to find someone to answer your question.
Copyright © 2017, ABC Radio. All rights reserved.