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 since home mortgage interest is deductible. Generally the total of mortgage interest and state income taxes paid can exceed the standard deduction.
With the passing of the Tax Cuts & Jobs Act of 2017, the most common additional itemized deductions include large medical expenses and charitable contributions. Unreimbursed expenses for your job when you are employed by someone else (receive a W2) have been eliminated.
Setup an appointment with us to see which deductions you can take advantage of. More moolah in your pocket is always a good thing!
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.
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.
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.