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March Financial Resources 
In the ever-evolving landscape of taxation, staying informed about the nuances of available credits and deductions is paramount.


As we step into March 2023, a crucial period for tax season preparations, we bring you a comprehensive guide to the most overlooked IRS tax credits and deductions. Unearthing potential savings and optimizing returns is not just about dotting the i's and crossing the t's but also about recognizing the often missed opportunities embedded in the intricate tax code.

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2023 Most Overlooked IRS Tax Credits & Deductions

Elevate your financial game! Navigate through our 2023 carousel to uncover the often-forgotten IRS tax credits and deductions, transforming your retirement savings strategy into a personalized and tax-savvy plan for a brighter financial future.

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#1 Overlooked Deduction: Home Office 

  • Workspace Deduction: Many individuals overlook the opportunity to claim a portion of their home expenses, such as rent or mortgage interest, utilities, and property taxes, as a deductible expense if they use part of their home exclusively for business.


  • Equipment and Supplies: Expenses related to setting up and maintaining a home office, including the purchase of a computer, office furniture, and supplies, can often qualify for tax credits or deductions, providing a financial benefit for your work-from-home setup.


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#2 Overlooked Deduction: Student Loan Interest

  • Student Loan Interest Deduction: Many individuals overlook the opportunity to deduct the interest paid on qualifying student loans. This deduction can reduce your taxable income, providing financial relief for those repaying student loans.


  • Income Limit Consideration: Understanding the income limits associated with the student loan interest deduction is crucial. Some may assume they don't qualify, but even individuals with moderate incomes can often benefit from this deduction.


  • Formal and Informal Loans: It's essential to realize that the deduction isn't limited to loans from traditional lenders; even interest paid on certain informal loans, such as loans from family members, may be eligible. Ensuring you explore all eligible avenues can maximize your tax benefits.

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#3 Overlooked Deduction: Qualified Medical Expenses

  • Wide Range of Eligible Expenses: Many people underestimate the breadth of qualified medical expenses that can be deducted. Beyond typical costs like doctor visits and prescriptions, items such as travel expenses for medical care, certain home modifications, and even some alternative treatments may qualify.


  • Documentation is Key: Keeping detailed records of medical expenses is crucial. Receipts, invoices, and any supporting documentation can strengthen your case during tax season, ensuring you don't miss out on potential deductions.


  • Threshold Understanding: Recognizing that there is a threshold for deductibility is essential. Generally, only medical expenses that exceed a certain percentage of your adjusted gross income are deductible. Being aware of this threshold can help you strategize and maximize your deductions effectively.


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#4 Theft Losses 

  • Unforeseen Losses: Many individuals overlook the potential for claiming deductions related to theft losses. If you've experienced a theft, whether it's a burglary or stolen property, you may be eligible for a tax deduction, helping to offset some of the financial burden.


  • Insurance Reimbursement Impact: Understanding the interaction between insurance reimbursements and theft loss deductions is crucial. Generally, you can only deduct the portion of the loss that isn't covered by insurance. Therefore, evaluating your insurance coverage and the deductible amount is essential for maximizing your potential tax benefit.


  • Documentation and Valuation: Thorough documentation and proper valuation of the stolen items are critical. Providing evidence of the theft, such as police reports and appraisals, strengthens your case when claiming theft losses on your tax return.

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#5 Out-of-Pocket Charitable Contributions

  • Diverse Contributions: Many individuals may not fully realize the range of out-of-pocket charitable contributions that are deductible. Beyond monetary donations, items like supplies, travel expenses related to volunteering, and even the use of your vehicle for charitable purposes can potentially qualify for deductions.


  • Receipts and Records: Keeping detailed records is essential when it comes to out-of-pocket charitable contributions. Whether it's a cash donation or non-cash items, having receipts, acknowledgments from the charitable organization, or a detailed log of the items donated is crucial for claiming the deduction.


  • Mileage Deductions: Often overlooked, the mileage you accrue while driving for charitable activities can be deducted. Understanding the applicable mileage rate and maintaining an accurate log of your charitable travel can contribute significantly to your overall deduction.

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#6 "Lifetime Learning" Credit on Tuition

  • Versatile Education Expenses: The Lifetime Learning Credit offers a valuable opportunity for tax savings that many may not fully explore. It extends beyond traditional four-year institutions and can include expenses related to various post-secondary education pursuits, such as graduate courses, vocational training, or even courses to acquire or improve job skills.


  • Income Limits: While the Lifetime Learning Credit is available to a broad range of taxpayers, understanding the income limits is crucial. Being aware of these limits helps individuals plan and assess their eligibility for this credit, which can provide up to $2,000 per tax return


  • Non-Degree Programs: Unlike some education credits, the Lifetime Learning Credit doesn't require the student to be pursuing a degree. This makes it a valuable option for individuals engaged in continuing education or skill development courses, widening the scope of eligibility for potential tax benefits.


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#7 Adoption Costs

  • Comprehensive Adoption Expenses: The potential for tax credits related to adoption costs often goes unnoticed. Beyond direct adoption agency fees, expenses like legal fees, court costs, travel, and even certain medical expenses for the birth mother can be eligible for the Adoption Tax Credit.


  • Income Limits Consideration: While the Adoption Tax Credit is a significant benefit, it's essential to be aware of income limits to maximize its utilization. Understanding how your income level may impact the credit helps in planning and optimizing your tax strategy.


  • Refundable Credit Feature: One unique aspect of the Adoption Tax Credit is its refundable nature. If the credit exceeds your tax liability, you may be eligible for a refund. This can be particularly beneficial for families who incur substantial adoption-related expenses, providing additional financial support during the adoption process.

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#8 Eligible Moving Expenses

  • Wide Range of Eligible Expenses: Many people underestimate the breadth of qualified medical expenses that can be deducted. Beyond typical costs like doctor visits and prescriptions, items such as travel expenses for medical care, certain home modifications, and even some alternative treatments may qualify.


  • Documentation is Key: Keeping detailed records of medical expenses is crucial. Receipts, invoices, and any supporting documentation can strengthen your case during tax season, ensuring you don't miss out on potential deductions.


  • Threshold Understanding: Recognizing that there is a threshold for deductibility is essential. Generally, only medical expenses that exceed a certain percentage of your adjusted gross income are deductible. Being aware of this threshold can help you strategize and maximize your deductions effectively.


March Feature



7 Tips for Staying Organized This Tax Season

Organized, Efficient, and Ready to Tackle 2023 Taxes!

Organized, Efficient, and Ready to Tackle 2023 Taxes!

Leading off the right foot for with proper financial organization can save you a major headache later.

Here are our 7 Tips For Staying Organized This Tax Season!

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We are Lucky to Have Our Newest Professional! 


Craig Robinette has joined Centric Financial Group as an Assistant General Agent. 

With 20 years of experience in the financial industry, he has been helping financial professionals & leaders transform their practice using a proven, profitable, and systematic approach through investments and life insurance. 


Welcome to Centric Craig! 



We will close with one short Irish blessing for friends

“May your heart be light and happy, May your smile be big and wide, And may your pockets always have a coin or two inside!”


At Centric, we're here for the long haul. 

If if you've changed tax brackets this year, or have any questions regarding your finances. We are in 4 locations across Ohio to serve you. 


- All the Best -

From All of Us at Centric Financial Group