As a Nashville resident, you know how important it is to keep your tax bill as low as possible. One of the best ways to do this is to take advantage of all the tax deductions available to you. Here are some deductions every Nashville resident should know and how Tennessee CPAs can help you maximize your tax savings:

Home Mortgage Interest

If you own a home in Nashville and have a mortgage, you can deduct the interest you paid on your mortgage from your taxable income. This deduction can result in significant tax savings. A Tennessee CPA can help you determine how much you can deduct and ensure that you have all the necessary documentation to claim this deduction.

Charitable Donations

If you made charitable donations to a qualified organization in Nashville, you can deduct the value of your donations from your taxable income. This deduction can include donations of cash, property, and even used clothing. A certified public accountant in Tennessee can advise you on whether or not your contributions are tax deductible and help you gather the appropriate paperwork to support your claim.

State and Local Taxes

If you paid to state and local taxes in Nashville, you can deduct the amount you paid from your taxable income. This deduction can include state and local income taxes, sales taxes, and property taxes. A Tennessee CPA can help you determine how much you can deduct and ensure that you have all the necessary documentation to claim this deduction.

Medical Expenses

It’s possible that you can deduct major medical bills from your taxable income. This deduction can include expenses such as doctor’s visits, prescriptions, and even transportation to and from medical appointments. A certified public accountant in Tennessee can tell you which medical bills are tax deductible and help you collect the appropriate paperwork to submit.

Retirement Contributions

If you contribute to a retirement account such as a 401(k) or IRA, you can deduct your contributions from your taxable income. This deduction can result in significant tax savings and can help you build your retirement savings. A Tennessee CPA can help you determine how much you can deduct and ensure that you have all the necessary documentation to claim this deduction.