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Preparing for your Initial Tax Consultation

Preparing for your Initial Tax Consultation Here is a list of items that you’ll want to bring to our initial tax consultation for your personal tax return. Most of these items you can provide to me using the Tax Organizer:

Small Business Tax Return Checklist

Small Business Tax Return Checklist Here is a small business tax return checklist outlining what I would need: For Single-Member LLC’s: 1. FEIN 2. Gross receipts from sales or services. 3. Inventory (if applicable) on hand as of January 1st …

IMPORTANT State Tax Deduction CAP – Tax Cut Reform

Due to the 2018 Tax Cut Reform, there is now a cap of 10k for any/all state income tax and property taxes beginning 2018, you will want to pay all, if not, as much as you can of your 2017 estimated

Parents Paying for Child Care

Did you know that you could qualify for a child care credit if you are having someone watch your child while you are working OR looking for work?

Mileage Deductions

You deduct the following amounts for your miles driven: Business – $0.565 per mile Medical – $0.24 per mile Charity – $0.14 per mile If you take a mileage deduction for business, you are choosing that INSTEAD of adding up

Miscellaneous Deductions: Buying clothes for work

For those of you who buy work clothes and are wondering if it’s a write off on your taxes, here are the qualifications it must meet to be a deduction: 1. You must wear them as a condition of your

Miscellaneous Deductions: Deducting your home computer

Did you know you can deduct the depreciation on your HOME COMPUTER? The only way you are able to deduct this as a miscellaneous expense is if you use your computer to produce income (for example, to manage your investments

Charitable Contribution: Athletic Events

For all you Oregon DUCKS contributors, this deduction is for you! If you make a payment for the RIGHT to guy tickets to an athletic event (like donating every year to get better seats to the game) you can deduct 80% of the payment as a charitable contribution.

Traditional IRA’s vs. Roth IRA’s

One difference between the two IRA’s has to do with deductions. Traditional IRA – If you contribute $5,000 this year, you can deduct that from you taxable income.

Traditional IRA Contribution Limits

The amount you can contribute to your Traditional IRA is the lesser of Single Filers

Traditional IRA Contributions

Did you know that an amount that you contribute to your traditional IRA between January 1st and April 15 can be claimed in the prior year or the current year?

Per diem for working away from home

If you work somewhere over the summer that is not your home can you claim a per diem write off for every day you are out there? You can claim per diem for lodging (if your employer didn’t pay for it) and meal & Incidental.

Educator Expense Deduction

Are teachers able to write off their extra expenses that aren’t reimbursed through school/classroom funds?

Deductible Medical Expenses

You can write off qualified medical and dental expenses over 10.0% (As of 2013, there are exceptions for the elderly) of your AGI. For example, if you have an adjusted gross income of $50,000, 10.0% would be $5,000. If you have $6,000 of medical expenses, then you will be able to deduct $1,000.

Medical and Dental Expenses

Did you know that there is a standard medical mileage rate of 23 cents per mile? The mileage that you can include has to be primarily for, and essential to, medical care.t

Medical Savings Account

An Archer Medical Savings Account (MSA) is a tax deductible savings account to save for medical expenses. This is a good savings account because it earns interest, which could be tax deferred or even tax-free.

Employer Cell Phone

An employer-provided cell phone is NOT considered income. Since the company is giving you a cell phone or business purposes, the business will write it off as an expense.

Employer-Provided Vehicle

If you have a employer-provided vehicle, the personal use of that vehicle IS taxable. You employer can choose not to withhold income tax on this amount, but you must be notified.