Randolph Law Firm, P.C.

Nevada residents can avoid overpayment to IRS this tax season

Tax season can be a period of both joy and confusion for many Americans. Whether receiving a refund or writing a check to the IRS, it is important to ensure that the amount received or owed is correct in order to avoid a possible audit, or even overpayment. Nevada residents who are worried about overpaying their taxes can follow a few simple tips to avoid doing so.

State income tax is deducted by many taxpayers. However, when a state does not utilize a local income tax, sales tax can be substituted and written off in its place. This means that residents of states without income tax, such as Nevada, are still eligible for this type of deduction, and the IRS has even provided a calculator to help determine the amount of the deduction.

Expenses related to seeking a new job may also be deducted. In the current economy, this may not be so uncommon. However, there are stipulations to this kind of deduction. While expenses related to a job search include traveling time to interviews and sending out resumes, it only applies if the job seeker is searching for employment in the same career field in which he or she was previously employed.

If a person moved because of a job change, he or she may be able to deduct the expenses. The new place of work is required to be 50 miles farther away than the old job in relation to the worker's home. Any costs reimbursed or covered by the new employer are not eligible for deduction, and the worker must have been employed full time for at least 39 weeks during the first year at his or her new home.

While the preparation and filing of taxes may seem tricky to some, with proper help and guidance, the process may not be as complicated as feared. When it comes to taxes, individual situations vary widely and being aware of applicable deductions can help a taxpayer avoid overpayments to the IRS. Nevada residents in particular are eligible for state sales tax deductions and, if the correct requirements are met, several other deductions that can ensure a reasonable tax season this year.

Source: MarketWatch, 7 ways to avoid overpaying the IRS, Jonnelle Marte, Feb. 6, 2014

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