SOURCE: US Tax Professionals

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March 23, 2017 18:25 ET

US Tax Professional Publishes Six Overlooked Tax Breaks

US tax professional shares commonly overlooked credits and deductions in latest blog post

VANCOUVER, BC--(Marketwired - March 23, 2017) - US Tax Professionals is a full-service Vancouver-based team of tax accountants. As a firm that specializes in cross border taxation for US and Canadian citizens, these professionals have complied a handy list of tax breaks that no one should overlook. For more, go to: http://www.us-taxprofessionals.com/newsletter.php#2

The article specifically mentions six beneficial scenarios, including:

  1. State sales and income taxes
  2. Child and dependent care tax credits
  3. Job search expenses
  4. Student loan interest paid by parents
  5. Medical expenses
  6. Bad debt

For example, if a taxpayer has ever loaned money to a friend, but was never repaid, they may qualify for a non-business bad debt tax deduction of up to $3,000 per year. To qualify, however, the debt must be totally worthless in that there is no reasonable expectation of payment.

Non-business bad debt is deducted as a short-term capital loss, subject to the capital loss limitations. Taxpayers may take the deduction only in the year the debt becomes worthless. It is not necessary to wait until a debt is due to determine whether it is worthless. Any amount that can't be deducted can be carried forward to reduce future tax liability.

When it comes to tax season, it takes an experienced tax accountant to help individual taxpayers take full advantage of money-saving tax deductions and credits. To learn more about working with US Tax Professionals, call (604) 949-1559.

About the Company

US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit http://www.us-taxprofessionals.com/ or call (604) 949-1559.

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