Deductions

Always avoid paying more tax than necessary. At Four15 Advisors, we probe all possible expenses to make sure that you claim all the tax deductions that you are eligible for. Even the smallest deductions add up!

Itemized vs. Standard Deduction

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you qualify for a greater deduction by itemizing certain expenses, you should itemize your deductions. Four15 will help you uncover all of your itemized deductions and will compare that amount to your standard deduction to make sure you are using the method that gives you the greatest benefit.

The most common reason for itemizing is home ownership, because home mortgage interest and real estate taxes are deductible. Generally the total of these items alone exceed the standard deduction.

Other itemized deductions include state and local income taxes, large medical expenses, charitable contributions, personal casualty losses and uneimbursed employee expenses.

Setup an appointment with us to see which deductions you can take advantage of. More moolah in your pocket is always a good thing!

Overlooked Deductions

Be sure you claim these often overlooked IRS deductions:

Tax Preparation Fees: There might be a double benefit of using Four15 Advisors to prepare your return. The cost of filing your taxes is deductible for itemized returns.

Moving Expenses: You can usually deduct moving expenses if you move because you change jobs. However, there are several requirements you must meet, such as a distance test and a time test.

Casualty or Theft Losses: If something you own is stolen, damaged or destroyed in an accident or by act of nature, you may be eligible for a tax deduction for any losses not compensated by insurance.

Medical Expenses: To deduct your medical expenses, they must add up to over 7.5% of your adjusted gross income (AGI). Remember that medical expenses include the cost of travel that was necessary to obtain care.

Uneimbursed Employee Expense: An employee with business expenses that are not reimbursed or exceed the amount reimbursed by the employer can generally deduct them as a miscellaneous deduction subject to the 2% adjusted gross income limit.

Charitable Contributions: You can deduct contributions of money or property that you make to a qualified organization, including religious and charitable organizations. Did you know that you can deduct out-of-pocket expenses such as travel and telephone calls made while volunteering as long as they have not been reimbursed?

Eric was a great find for me – I work in advertising, and he understands all the unique tax requirements, and opportunities, for creative professionals.
—John, Brooklyn