How Venice Families Can Maximize Deductions When Starting a Family

Starting a family means more than adding diapers and cribs to your budget—it also introduces valuable tax deductions that can keep more money in your pocket.

Here are five deductions new families in Venice, FL shouldn’t miss:

• Medical Expense Deductions
  If your medical expenses exceed 7.5% of your adjusted gross income, you may be eligible to deduct them. This includes prenatal care, hospital costs, and delivery-related expenses. Learn more at IRS Topic No. 502.

• Student Loan Interest
  Parents still paying off their education debt may deduct up to $2,500 in interest each year, depending on income levels.

• Mortgage Interest
  If you purchased your first home while starting your family, you can likely deduct your mortgage interest—this can mean big savings.

• Charitable Contributions
  If your family is giving back to the community, don’t forget to keep receipts. Contributions to qualified organizations are tax-deductible.

• Retirement Contributions
  IRA and 401(k) contributions may lower your taxable income, especially important as you plan for your family’s future.

To make sure you’re capturing every eligible deduction, consult a professional in starting a family tax solutions Venice FL to evaluate your financial picture.

Call to Action:
Don’t leave money on the table—let White Sands Tax help you maximize deductions and build a strong foundation for your growing family.