Taxes Payroll Accounting

payroll tax Today, I’m pretty sure I would like to mention a few of an ordinary tax deductions missed by tax payers.

Accounting Fees for Tax Preparation.

If you prepare your taxes you are allowed to deduct the cost of software you paid as well as any ‘e filing’ services that you paid to. Now let me ask you something. Have a question on where to put this on the 1040 form? You are entitled as the Tax Payer to deduct fees you pay a professional accountant to do your taxes. You better find a brand new tax preparer, Therefore if not.

payroll tax You have someone prepare your favorite taxes, right? Make sure if you are having someone prepare you taxes, to ask them about deducting the fees they charge you on your tax return. Dues, Initiation fees for memberships, etcetera Sometimes people for get that. These are deductible on your tax return. Have a question on where to claim this deduction on the 1040? You pay union dues, right? Of course have a question on this? To be honest I am sure loads of people have refinanced or somewhat, with mortgage interest rates low now. You are allowed to deduct points paid on the mortgage as well as certain costs on the refinance itself. It’s a well did you refinanced your home? Have gambling losses?

Do you gamble?

You can deduct the gambling looses up to the extent of the winnings certainly?

Not sure where to put this on the return? You as the taxpayer are allowed this deduction as well. Did you have a casualty or theft loss? Known this certainly would go on the Schedule an as long as you are itemizing things. Another good one to this as well is prescription medicines and insurance premiums paid by you. Have questions as where to put these? You wear glasses, right? Contacts? You can deduct these as well. That said, you are allowed to deduct these as well. This really helps to for people who owe tax in the current year that they are filling on the previous year. You are allowed to deduct these as well. Did you pay any State or Federal Taxes the previous year? It will lower your tax liability.

You own a safe deposit box, right?

That holds special certificates, stock interest, and all that stuff If you do, you are allowed to deduct this monthly fee that you pay per month.

Just total that amount for the year and that is the amount you can claim as a deduction on your taxes. Did you or a loved one have major surgery? Keep reading. How about a boat? Did you buy a totally new car? Thanks and stay tune for the next posting. Send me an email to info@dtpaccounting.com and I will email you the list for free. You see, there certainly are a lot more. It’s a well we are looking at plenty of an ordinary ones that people tend to skip out on. If you will like a copy of the entire list.

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