What Kind of Expenses can be Deducted from My Income Taxes

There are many categories of expenses that can be deducted from your income tax. If you have expenses that total more than the Standard Deduction, then you can use the process known as Itemization to take into account certain types of expenses in order to reduce your income tax. The following is a list of the most common: Medical and Dental Expenses, Other Taxes You Paid, Interest Expenses (such as Home Mortgage), Gifts To Charity, Casualty and Theft Losses, Job Expenses and other Miscellaneous Deductions.
Also, there are also certain types of expenses which are not deductable, such as Political Contributions.

I have a lot of expenses that are job related, can I deduct these expenses?

Answer: Yes, if these expenses are not reimbursed by your employer and are considered necessary and ordinary by the IRS, then you will be able to deduct these expenses, but you need to track these expenses by keeping good records. TaxPlus+ can help you in creating a system to help you plan and track these expenses.

I am starting a new business, how will this impact my tax situation?

Answer: You will need to track your Income and Expenses and will be required to file a Schedule C. Please refer to our Schedule C Business Organizer posted in the Planning Tools section. We can also assist you with your small business bookkeeping.

What do I need to bring to the appointment with TaxPlus+?

Answer: In our Planning Tools section you will find the Tax Interview Checklist for a listing of documents that you should bring to your appointment. Please review this form after you set your appointment

What Tax Credits are available for me to take advantage of?

Answer: There are two categories of Tax Credits: (1) Non-Refundable and (2) Refundable. A Non-Refundable tax credit provides a direct dollar-for-dollar offset against your tax liabilities. A Refundable tax credit functions like a subsidy such that if the amount of your tax credit surpasses your tax liability, then you will receive the remainder in the form of a tax refund.

Five popular tax credits that TaxPlus+ will consider before filing your tax return are: The Earned Income Tax Credit, The Child & Dependent Care Credit, The Child Tax Credit, The Retirement Savings Contributions Credit (aka the “Saver’s Credit”), and The Health Coverage Tax Credit.

What are your fees?

Answer: Our Tax Preparation Fees are determined on a case-by-case basis and depend on the individual situation and needs of our clients.  Please call or set an appointment to receive a quote.