Individual and Corporate Tax Preparation | Accounting Services | Coral Springs, Fl | 954-828-2373
Standard Deduction Standard Deduction is determined by your filing status and is increased for being over 65 and/or blind. Standard deduction amounts increase by approximately the cost of living each year. You take the federal tax 1040 standard deduction on page 2 …
Dental and Vision Insurance Premiums may be deducted as part of your medical expenses if you itemize deductions on your income tax return. They may be paid for your, your spouse, and your dependents, and total medical expenses must meet …
Doctors | Dentists | Eye Doctors | Therapists and other medical specialists who treat you, your spouse, and your dependents may have all their charges deducted on your income tax return that are not reimbursed by insurance if you itemize …
Health Insurance Premiums Health Insurance Premiums may be deducted on your income tax return if you itemize deductions for you, your spouse, and your dependents. They are added to the rest of your medical expenses that must meet the 7.5% of …
Medical Mileage may be deducted on your income tax return if you itemize deductions. It is included with your medical expenses that must meet the 7.5% of adjusted gross income floor. You should keep records of transportation expenses that are primarily …
Lab Tests | X-rays | Diagnostic Tests can be deducted for you, your spouse, and your dependents if you are able to itemize deductions on your income tax return. You may only deduct the amount by which your total medical care expenses for the …
Prescriptions | Medicine | Insulin may be deducted on your income tax return for you, your spouse, and your dependents if you are able to itemize deductions. You can only deduct the amount by which your total medical care expenses for the …
Second Home Taxes Second Home Real Estate Taxes and real estate taxes on all your personal homes may be deducted on your income tax return if you are able to itemize deductions on Schedule A. You should receive Form 1099s from …
Investment Expenses and Fees you incur on your taxable investments may be deducted on your income tax return if you itemize deductions. Miscellaneous itemized deductions are usually limited to the amount of expenses over and above 2% of your adjusted gross …
Mortgage Refinance | Mortgage Points | Closing Costs may be deducted on your income tax return if you itemize deductions on Schedule A. If you refinance your home mortgage, you will be able to deduct all the mortgage interest during the year–from the …
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