As a Boyertown graduate, a real estate agent at Glocker Realty, and also a proud member of Building a Better Boyertown & BMBA, I have had the joy of watching our little town grow. I enjoy having any part in helping our community to move forward. I hope this weekly blog will help shine a light on all the great things happening in and around Boyertown, PA.

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Most Overlooked Tax Credits & Deductions

Tax season is upon us, that annual event that strikes fear in some and sparks hope in others. Whether you find yourself writing a check to Uncle Sam or contemplating how to spend your refund, one common goal unites us all – maximizing the money in our pockets. With that in mind, I set sail on the world wide web to discover which tax credits and deductions are most often missed by Americans. Below is a compiled list to ensure you claim every penny you deserve this year. As you tackle your taxes, make it a priority to verify that you’ve taken advantage of every credit and deduction that apply to you.

Home Office Expenses – Those who work from home and are self-employed can write off home office and business-related expenses. This can include computers, home internet, office supplies, and business software or subscriptions. The value of this deduction varies significantly depending on the individual in question and the type of business they run, but it can be fairly substantial for some.

Mortgage Points – Those who paid mortgage points can deduct these on their taxes. You should get a form from your lender showing how much you paid in mortgage points and mortgage interest during the year. All you have to do is provide this to your tax professional or enter it into your tax-filing software and let them do the rest.

Property Taxes – Homeowners can deduct state and local property taxes on their primary residence to lower their tax bill, as well. The size of this deduction will vary depending on the value of the lot and its location. Homeowners should get a notice from their city or township indicating how much they owe in property taxes each year.

Clean Energy Tax Breaks – Homeowners to claim a percentage of expenses related to clean energy improvements in their primary residences such as solar panels, wind turbines, geothermal heat pumps and other qualifying clean energy technologies. This credit covers 30% of the costs of the new equipment.

If you purchase an electric vehicle (EV), you can get tax credit for up to $7,500 on that purchase.

Education Expenses – There are two education credits available — the American Opportunity Tax Credit and the Lifetime Learning Credit. The American Opportunity Tax Credit is a credit worth up to $2,500 for the expenses you paid for the first four years of college. The Lifetime Learning Credit, worth up to $2,000 per tax return, is available even if you aren’t pursuing a degree. Make sure you count books and lab fees — even the books you rent.

Health Insurance – If you are self-employed, you can take a tax deduction for the health insurance premiums you pay for yourself and your family. If you are not self-employed, health insurance premiums paid after taxes may be tax deductible if you can itemize your deductions.

Medical Expenses – Medical expenses, including miles driven for medical reasons (at 22 cents per mile), may be tax-deductible if they exceed 7.5% of your taxable income in 2023 and you are able to itemize your tax deductions. The cost of exercise equipment or purchasing and maintaining a spa or swimming pool may be tax-deductible as medical expenses if your doctor recommends them to mitigate a medical condition.

Other Dependent Credit – If you are caring for someone other than a child dependent, you can receive a tax credit of up to $500 per non-child dependent that you support.

Mileage Expenses – If you use your vehicle for business and you are self-employed, you can deduct your mileage at 65.5 cents per business mile driven in 2023. If you work for multiple clients, the cost of traveling between job locations is tax-deductible as well.

Out-of-Pocket Charitable Deductions – It’s easier to remember large charitable gifts that you made during the year, by check or payroll deduction. But smaller charitable gifts are important as well and can add up. And did you know that you can write off out-of-pocket costs that you incur while you are doing work for a charity?

Keep your receipts. If your contribution totals $250 or more, you’ll also need an acknowledgement from the charity documenting the support you provided. Also, if you drove your car for charity during the year, you can deduct 14 cents per mile, plus parking, and tolls paid.

Jury Pay Given to Employer – Many employers pay employees’ full salaries while those employees serve on jury duty. In some cases, employees must give their jury pay to the company if the company paid that employee’s salary during their time on jury duty.

So, while the IRS requires that you report jury pay as income, you are allowed to claim a tax deduction for jury pay (if any), that you returned to your employer.

Social Security Taxes You Pay When You’re Self-Employed – If you’re self-employed and pay the full 15.3% Social Security and Medicare tax yourself (instead of splitting it 50-50 with an employer), you can write off half of what you pay. (The Social Security tax portion is 12.4% on some of your net earnings. The Medicare tax is 2.9% of your net earnings)

Student-Loan Interest Paid By a Parent – Generally, you can only deduct interest if you are legally required to repay the debt. But if a parent pays back a child’s student loans, the IRS treats the transactions as if the money were given to the child, who then paid the debt.

So, if the child is no longer claimed as a dependent, they can deduct up to $2,500 of student-loan interest paid by their parent(s) each year. And the child doesn’t have to itemize deductions to claim this tax deduction.

Military Reservist Travel Expenses – Members of the National Guard or military reserves may write off the cost of travel to drills or meetings. To qualify, you must travel more than 100 miles from home and be away from home overnight. If you qualify, you can deduct the cost of lodging and half the cost of your meals, plus an allowance for driving your own car to get to and from drills.

Go to IRS.gov for more tax filing resources.

Here is what’s going down during the week of 2/1/2023 – 2/7/2024

EVENTS LIST

MONDAY 2/5/2024

Bingo Night – Doc’s Irish Pub, Gilbertsville 6-8pm
Anyone But You (movie)(see showtimes) – The State Theatre, Boyertown

TUESDAY 2/6/2024

Soup-er Bowl Party – Boyertown YMCA, Boyertown 11:30am-1pm
Line Dancing (dj) – The SunnyBrook Ballroom, Pottstown 6:30pm
Bingo Night – Iezzi’s on 3rd, Boyertown 7:30-9:30pm
Trivia Tuesday – Doc’s Irish Pub, Gilbertsville 8pm
Anyone But You (movie)(see showtimes) – The State Theatre, Boyertown

WEDNESDAY 2/7/2024

Storywalk – Boyertown Community Park, Boyertown 9am-6pm
FREE LUNCH at Shepherd’s Café – Good Shepherd United Church of Christ, Boyertown 12-1pm
Karaoke (dj) – Antonio’s Trattoria, Boyertown 6pm
Dan Rodgers (live music) – Big Phil’s Bar & Grill, Pottstown 6-9pm
Open Mic Night (live music) – The Bally Hotel, Bally 6-10pm
February Program – Beekeeping – Boyertown Area Historical Society, Boyeertown 7pm
Lower Pottsgrove Historical Society Bingo – The SunnyBrook Ballroom, Pottstown 7pm
Stephen T Kurtz (live music) – The Ironstone, Boyertown 7-9pm
Anyone But You (movie)(see showtimes) – The State Theatre, Boyertown

“be yourself; everyone else is already taken.” — Unknown

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Brought to you by:

Jeff Frederick, Realtor
Glocker Realty
900 E Philadelphia Ave Boyertown, PA 19512
mobile – 610-766-2028
office – 610-367-2058
email – jeff@glocker.com

JeffatGlocker.com

Want to know how much your HOME is WORTH? Find out here: My Home Value

Would you like your event posted? Email “EVENT” to jeff@glocker.com

What’s Going Down in Boyertown? (tax credits)

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Most Overlooked Tax Credits & Deductions

Here is what’s going down during the week of 2/1/2023 – 2/7/2024

EVENTS LIST

THURSDAY 2/1/2024

FRIDAY 2/2/2024

SATURDAY 2/3/2024

SUNDAY 2/4/2024