TEST YOUR TAX SAVVY
Answer — All of them, under certain circumstances.
Let’s say your eye doctor recommends prescription sunglasses to protect your vision.
The cost of the glasses, and the eye exam, are deductible as long as your medical expenses exceed 7.5% of adjusted gross income.
A new client is visiting your office and you want to make a good impression.
That bouquet of fresh flowers you purchase for the reception area qualifies as a deductible business expense.
The nonprofit you volunteer for is having a fundraiser and you’re making the posters.
The cost of the crayons and any other out of pocket expenses you incur are deductible on your Schedule A.
What deductions are you missing out on?
Unless you have intimate knowledge of the tax law, you could be overlooking deductions that you’re entitled to. Tax Professional Suzanne Halladay will help you reduce your tax bill by uncovering those hidden write-offs.
Here’s how she helped one client go from owing taxes to receiving a refund:
After calculating her own tax return, Mary was in a panic. It appeared that she owed several thousand dollars. But Mary wasn’t aware of a change in the tax law which allows tax-free IRA distributions for certain uses. After Suzanne recalculated the return, it turned out that Mary was actually entitled to a $2,400 refund. Just one more happy ending…
Got taxes? Get Suzanne.
*An Enrolled Agent (EA) is a tax professional who is licensed by the federal government to represent taxpayers before the IRS.