Your Money Back: 10 Simple Tax Write-Offs Your Denver Accountant Might Miss
Let's be honest: dealing with taxes feels complicated and stressful. For many folks and business owners here in Denver, it’s just something you have to do, not something you look forward to. But what if we told you that tax time is actually a huge chance to save money?
The tax rules are full of deductions and credits, and sometimes, even the most common ones get overlooked. If you work with a Tax Accountant in Denver—or plan to—you want to make sure they're catching every single penny you're owed.
At Thomas J McAlister, P.C., we believe you shouldn't have to be a tax expert to save big. That's why we put together this simple list of 10 easy-to-miss write-offs that could seriously boost your 2025 refund.
The Hidden Money: Deductions That Are Easier Than You Think
We'll skip the super confusing tax jargon and focus on the practical stuff. These write-offs are totally legal—you just need to know they exist and keep a few simple records!
1. Your Home Office (If You’re Self-Employed)
If you run your business from home, you can write off part of your house expenses. Forget the scary stories; the IRS made this one simple for many people.
The Easy Way: Deduct $\$5$ for every square foot of your dedicated office space, up to 300 square feet. It's quick, simple, and limits the need for tons of paperwork.
The Detailed Way: If you want a bigger deduction, you can calculate the business percentage of your utility bills, rent/mortgage interest, and insurance.
2. Classes and Training That Make You Better
Did you take a class, attend a seminar, or get a new certification to keep up in your job or business? If that training helps you maintain or improve skills for your current work, you can usually deduct the cost.
Simple Rule: If the class helps you do your job better right now, it’s deductible. If it trains you for a new career, it’s probably not.
3. Business Drives: Don’t Forget the Mileage!
Anytime you use your personal car for business—driving to a client meeting, running to the bank, or picking up supplies—those miles are deductible.
The Best Way to Track: Download a simple mileage tracking app on your phone. It tracks your trips automatically.
Big Tip: A good Denver Tax Accountant will help you figure out if taking the Standard Mileage Rate (a set amount per mile) or tracking your Actual Expenses (gas, repairs, insurance) saves you more money.
4. The Small Costs of Being Charitable
Everyone remembers deducting big cash gifts to a charity, but what about the small stuff?
Your Time is Valuable: You can’t deduct the value of your time, but you can deduct the costs of volunteering.
Examples: The mileage you drive to volunteer (at a set rate), the ingredients for that bake sale you made, or the cost of materials you bought for a charitable project. Keep those tiny receipts!
5. Health Insurance Premiums (If You’re Your Own Boss)
If you are self-employed and you buy your own health, dental, or long-term care insurance, you can often deduct 100% of those premiums. This is a huge tax break that you get to take before you calculate your other deductions.
Key Check: You can only take this deduction if you or your spouse weren't eligible for health insurance through an employer's plan.
6. Half of Your Self-Employment Tax
When you’re self-employed, you pay a tax called the Self-Employment Tax (Social Security and Medicare). The good news is the IRS lets you deduct half of what you pay.
Why it Matters: This deduction is taken above the line, meaning it lowers your taxable income right away, making it a super valuable write-off. Your Tax Accountant Denver partner should never miss this.
7. The Fees for Your Tax Help
The money you pay to a pro like Thomas J McAlister, P.C., to do your business tax return (like a Schedule C or corporate return) is a deductible business expense. Think of it as the cost of making sure everything is done right and you save money!
Quick Note: Fees for personal tax returns are usually no longer deductible, but business-related ones are!
8. Making Your Home Energy Efficient
Did you install new solar panels, efficient windows, or a high-efficiency furnace in your Denver home? You might qualify for the Residential Clean Energy Credit.
Credit vs. Deduction: A tax credit is better than a deduction because it reduces your tax bill dollar-for-dollar. Hold on to those installation invoices!
9. The Saver's Credit: Rewarding Retirement Savings
This tax credit is for people who save for retirement in an IRA or 401(k) but have moderate incomes. Many people who qualify miss this one because they don't know they're eligible.
The Benefit: It gives you a credit (money off your tax bill!) based on a percentage of what you contributed. If you contribute to retirement, ask your accountant to check if you qualify!
10. Reinvested Stock and Mutual Fund Earnings
This deduction is easy to miss if you invest. When a stock or mutual fund pays you a dividend and you automatically use that money to buy more shares, you’re essentially paying tax on that money right away.
The Fix: When you later sell those shares, you need to add the reinvested amount to your original cost. If you don't, you'll pay tax on that income again. Make sure your Tax Accountant Denver has this key investment detail!
The Thomas J McAlister Difference: Advice You Can Trust
Don't let the IRS keep your money simply because you didn't know the rules. At Thomas J McAlister, P.C., we don't just fill out forms; we look for smart ways to save you money all year long. We want to be your trusted Denver Tax Accountant partner.
We are here to help you:
Stay Organized: We give you simple tips on tracking your expenses and mileage so everything is ready for tax time.
Plan Ahead: We look at your income throughout the year, not just in April, so we can suggest smart moves to lower your bill before the year ends.
Get Peace of Mind: We make sure you claim every legal deduction, so you can be confident your taxes are done right.
Ready to find out how much money you've been missing?
Contact Thomas J McAlister, P.C. today for a friendly, no-pressure chat about maximizing your 2025 refund!
