Individual and Corporate Tax Preparation | Accounting Services | Coral Springs, Fl | 954-828-2373
Real Estate Property Tax Deduction Real estate taxes, sometimes known as real estate property taxes, may be deducted on your federal income tax return if you itemize deductions. Deductible real estate taxes are generally all state, local, or foreign taxes on …
Personal property taxes may be deducted on your federal income tax return if you itemize deductions. Deductible personal property taxes are based on the value of personal property, such as boats, cars, or other tangible personal property. The personal property tax …
Sales Taxes may be deducted on your federal income tax return if you itemize deductions. Actually, you may deduct the greater of your state income taxes or your sales tax paid, but not both. The sales tax deduction is only available for …
State Tax Deduction State Income Taxes Deduction may be deducted on your federal income tax return if you itemize deductions. Actually, you may deduct the greater of your state income taxes or your sales tax paid, but not both. Seven states …
Employee Business Expense Tax Deduction Employee business expenses, including business travel expenses, may be deducted on your income tax return if you itemize deductions, but are subject to certain limitations. Business entertainment, meals, lodging, and business gifts may be tax deductible, but …
Job Educational Expenses, if you work for an employer, may be deducted under miscellaneous itemized deductions on Schedule A. They are subject to the 2% of adjusted gross income deductible. If you are self-employed, deduct all your job educational expenses …
Legal Fees are sometimes tax deductible, but since laws are complicated and difficult to comprehend, it is important to deduct correctly to avoid an audit. Deduct your business-related legal costs as a business expense. If self-employed, deduct your legal costs on Schedule C, including attorney fees …
Job Search Expenses in your present occupation may be deducted as unreimbursed employee expenses if you itemize deductions using Schedule A. Your total of miscellaneous itemized deductions on Schedule A, which include job search expenses are subject to a deductible of 2% …
Cash donations and check donations are charitable donations to a qualified tax exempt 501 (c) (3) organization or charity such as churches or religious organizatons and can be claimed on your income tax return if you itemize deductions on Schedule A. Ask the charity for written receipt …
Casualty | Theft Losses–A casualty loss results from damage, destruction, or loss of property from any sudden, unexpected, or unusual event, such as a flood, tornado, hurricane, fire, earthquake or volcano. A casualty loss doesn’t include normal wear and tear or …