During this tax season, there are ways to get deductions, credits, and exemptions. Unfortunately, you have to know about the common tax breaks families get, expressed a New York Family Lawyer. Looking at tax data from 2009, there is $1.1 trillion worth of tax breaks in the tax code. For every taxpayer, that is around $8,000.
Families were able to reduce the amount they owed to the IRS by reporting interest to their home mortgages, receive child tax credit, deduct property taxes, and report state and local real estate taxes they paid.
If you reported your interest paid when you addressed your home mortgage as you filed your taxes, you are among 34.6 million taxpayers who saved money, a Nasau County Family Lawyer explained. 28 million taxpayers did not have to pay taxes on their Social Security and railroad pensions in 2009. They saved $24 billion on taxes.
The $1,000 per-child tax credit saved 36 million families money. Over $54 billion was saved throughout the nation. Low-income families also saw a relief in 2009. 25.7 million families received $55 billion in earned income tax credit.
Further, 40.7 million taxpayers cut their income taxes that they owed by deducting state and income taxes previously paid. They also deducted their sales and personal property tax. 40.7 million people saved $40 billion. Furthermore, 33.5 million save $21 billion on their taxes by reporting the amount of state and local real estate taxes they paid, a Queens Family Lawyer mentioned.
Charitable donations also helped 36 million families save money. They saved around $35 billion in 2009.
You would be surprised with what quality legal counsel could do for your family. Whatever you family issue you may need an attorney for, Stephen Bilkis and Associates can help you through it.
When you contact our office, we will answer the many questions you may have, and provide you with a free consultation. We have offices throughout New York., including locations in Manhattan, Staten Island, the Bronx, Brooklyn and Queens. In Long Island, we have locations in Nassau County and Suffolk County as well as Westchester County. Call us today to schedule your free consultation at 1-800-NY-NY-LAW.