Last-Minute Tax Deductions for 2014

Tax Benefits of Acting Well Before Tax Season Arrives The New Year is almost upon us, emphasizing the importance of thinking about taking advantage of some last-minute tax deductions now before it is too late. Rather than waiting until April to think about taxes, take initiative and enjoy the benefits of these last-minute tax deductions for 2014:

• If you have any college students, you can take advantage of some tax benefits. By paying for your child's tuition, course materials, and any related fees before the year ends, you can receive tax credits by claiming the American Opportunity Tax Credit.
• Did you know that giving back to the community could reward you in the form of tax benefits? The holiday season is the time for giving back anyways, right? By donating to a charity, you have the opportunity to enjoy tax deductions. This may mean donating your rarely used clothing, furniture, linens, appliances, electronics, or anything else you can think of. However, it is important to note that those who claim more than $250 in donations will be required to include a detailed description of their donation to the IRS once tax season rolls along.
• One of the easiest and most beneficial ways to enjoy tax benefits is by going green. Our beautiful planet needs our help now more than ever, emphasizing the importance of going green in all realms of life. Upgrading your appliances and energy systems to those that are more energy efficient can land you not only a tax credit, but a homeowner's insurance discount and a green thumb award as well! The Residential Renewable Energy Tax Credit acts as a rebate, rewarding individuals with green systems. You can claim up to 30% of the amount to install the system.

Are you taking advantage of these last-minute tax deductions for 2014? Serving Banning, Beaumont, Calimesa, and all of California, contact Little & Sons Insurance Group for all of your insurance needs.