If you’re a medical flight paramedic, chances are you have to make do with an average paycheck. And most of the time, you need to effectively manage your spending to make it through the month. It’s not always easy but the good news is that there are several opportunities for you to save money during tax season.
Filing Taxes to Save Money for Medical Flight Paramedics
Here are some useful tips that could help you save some extra cash:
- Get deductions on job hunting costs – If you spent some time searching for a job during the year, you could get deductions on the costs incurred during your job hunt. Maybe it’s the cost of preparing and printing your resume or the expenses of traveling to and from interview locations. You could be eligible for deductions if it’s not your first job and if your job search is relevant to the same occupation. However, the deduction is applicable only if the expenses exceed 2% of your adjusted gross income.
- Get child care tax credit – If you’re a parent and your work schedule makes it compulsory to get child care for your kids, you could be eligible to save money with child care tax credit. You can save up to $6000 for each child.
- Get tax credit for retirement plans – Like other medical flight paramedics, it’s likely you’ll be planning for retirement by opening an individual retirement account. For the first $2000 you put into this account, you could get a tax saving amounting to 50% of the amount.
- Get deductions on moving costs – If you have to relocate for work, a portion of your moving expenses is deductible. However, you need to show proof that the move was for a job and also that the new location will result in less time/money for commuting to work.