As a semi-retired tax accountant which is a fancy way of saying tax preparer who understands profit and loss statements with emphases on making it look good for the bank, but low income as far as the IRS is concerned, I wrote the book 42 Tax Write-Offs People Forget. (See 5 examples of tax-writes people forget or don’t know about at the bottom of this page)
Most people forget because they don’t always understand how the new tax laws apply to them. They forget to tell their tax professional or believe certain deductions won’t make a difference.
Even when taxpayers prepare their own taxes using consumer tax software, they miss out because they follow one prompt but don’t follow another because they’re not familiar with the latest tax codes. The consumer’s software programs do a great job of helping people step by step, but taxpayers still miss the boat on certain items. The returns are only as correct as the information you put in. If you leave out an item or forget a write-off, the tax software will still render your return as 100% correct for e-filing purposes. Continue below . . . . . . .
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42 Tax Write-Offs People Forget helps taxpayers to surrender the best return possible in their favor. The book has over 100 images to make the learning process visual and memorable. Insider secrets about how the IRS works and how to get things done. Tax tips and even a couple of tax loopholes for middle-income taxpayers. Included are tips on which tax-write offs can help lower your taxes and which actions to avoid. A little tax history is included to help you better understand the latest International taxation laws and the history of the Internal Revenue Service. Tips on what you don’t want to do and why. Easy to read, images makes it more interesting. Grab a copy today.
Book Recommendations Tax Write-Offs
Tax Tips People Forget
- If you drive to your place of work and then leave to go to another destination for the same job, each of these miles is tax deductible. Example: A Longshoreman drives to the Union Hall, where he or she receives instructions to report to the docks. The miles driven from the Union Hall to the docks are tax deductible.
- Your boss often calls you on your cell phone throughout the day. It’s safe to say that you use your cell phone for work. A percentage of the cost for the cell phone is tax deductible unless the company reimburses you for the use of your cell phone.
- You are selected to take clients to lunch. No big deal. The cost of the meal for the client is tax deductible unless the company you work for reimburse you for the cost of the meal.
- You have a safe-deposit box to secure personal investment papers – The cost of the safe-deposit box is tax deductible under the 2% of your AGI rule. Plus any monies spent for consultation or legal advice in regards to creating or maintain income is tax deductible.
- You volunteer for the church or school fundraising event. The miles you drive, the money you give are all tax deductible. If you sing or provide entertainment at the event, the cost of your talent is also a tax write off.
There are hundreds of more tax-write offs people forget or don’t realize all the time. Educate yourself for a more correct and higher refund return.