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OUR


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​SAILING

INCOME TAX PREPARATIOON
income tax preparation
CONTACT US
tax problems

Mine your return for tax saving nuggets. These are items below the surface you might not of found before. Bu unearthing extra deductions and credits you can save hundreds or even thousands of tax dollars. Here are six possibilites

  1. Sweep up a tax break. The dependent care credit may be available if you employ someone to look after your underage children while you and your spouse work. The maximum credit is usual $60o for one child and $1,200 for two or more children. Note that you can claim the credit for a housekeeper or maid who watches your children in addition to performing other household services.
  2. Track down job haunting deduction. Did you or your spouse look for a new job. Generally you can write off costs of job hunting in the same industry or field as a miscellaneous itemized deduction subject to the 2% of AGI deduction threshold. Eligible costs include printing up resumes, advertising, employment agency or headhunter fees, and travel to interview with a prospective employer including airfare, or other transportation, lodging 50% of the costs of meals and incidentals like taxi fare and laundry.
  3. Tack on relative's medical expenses. It's hard to clear the tax hurdle 10% of adjusted gross income for medical deduction. The costs you pay on behalf of a relative might put you over the top. Expenses paid for a relative, such as adult child, parent, or in law, are deductible even though you are not able to claim a dependency exemption for the relative on your return.
  4. Sail away with interest deduction. The tax law allows you to deduct mortgage  interest paid on principal residence and one other home. The deduction is limited to interest on acquistion debt of up to $1 million plus interest on home equity debt of up to $1oo,ooo . For this purpose, the IRS defines a home as a house, condominium, cooperative, mobile home, house trailer boat or similar property that has sleeping, cooking and toilet facilities. 
  5. ​Write off charitable appraisal fees. The IRS imposes strict substantiation rules for claiming charitable deductions on your return.  If the cost of a required independent appraisal, the cot is deductible as a miscellaneous itemized expense
  6. Stock up on home office deductions, you can deduct expenses for only if the area in your home is used regularly and exclusively as your principal place of business or a place where you meet and deal with you patients, clients or customers in the normal course of business. There is a special exception for a portion of the home used to store inventory or product samples.

​TAX RETURN NUGGETS

Daniel Cullinane CPA

25 Plaza 5 25th fl Jersey City NJ                                          phone 732-516-1648 fax 732-516-9778

MBA Taxation

Daniel Cullinane CPA

2500 Plaza 5 25th fl  Jersey City NJ 07311                                                          phone 732-516-1648  fax 732-516-9778

                 MBA TAXATION