Category Archives: IRS Deductions

Look for Tax Savings in Miscellaneous Deductions

Certain miscellaneous expenses you pay during the year may be tax-deductible.  Our Bergen County CPA office offers you insight to this. Examples include fees you pay for tax advice and employee expenses such as union dues, tools needed for your job, certain work clothes and uniforms, and work-related travel. If you itemize, these deductions could lower your tax bill. Most… (more…)

Age Matters in the World of Taxes

Are you aware of the numerous age-related provisions in the IRS code? They are probably more plentiful and significant than you thought. Here are a few examples of the age-related tax rules that could affect you and your dependents.  Our Bergen County CPA office offers you insight to this. At birth up to age 19 and even 24: dependency deduction.… (more…)

You May Have a Deduction for Moving Expenses

If you moved in 2014 because of a new job location, you may be entitled to a tax deduction for your moving expenses. To qualify for a tax deduction, your new job location must be fifty miles further from your old home than the distance from your old home to your old job. In other words, if your commute would… (more…)

Often Overlooked Deductions: Non-Cash Contributions

  Remember, non-cash contributions can add up to a meaningful itemized deduction item on your tax return. Our Bergen County CPA office offers you insight to this.  This includes donations of used clothing, household items, and furnishings. To ensure your donations are counted, here are some tips: Create a list of the items you contribute. Lay out the items and… (more…)

Factor New Limits on Deductions Into Your Tax Planning

    As you begin your year-end tax planning review, keep in mind the return of the limitation on itemized deductions and personal exemptions for higher-income taxpayers. Our Bergen County CPA office offers you insight to this. When you’re married filing jointly and your adjusted gross income is more than $300,000, the amount you can claim for these two items… (more…)

What Investment Expenses are Deductible?

Whether you’re a stock market bull or bear, you have investment expenses – and you may be wondering if they’re deductible on your federal income tax return.  Here’s a quick review:  * What are investment expenses? Investment expenses are amounts you pay to produce or collect taxable income, or to manage, conserve, or maintain your investments. Professional investment advice or… (more…)

Deductible Charity Requires Record-Keeping

If spring cleaning leaves you with items that you want to donate to charity, remember that donations of used clothing and household items must generally meet certain requirements to be tax-deductible. Our Bergen County CPA office offers you insight to this. First, such items must be in “good used condition or better.” Second, a receipt from the charity is required.… (more…)

Home-Office Deduction Simplified

Starting this year, taxpayers who use a portion of their home regularly and exclusively for business may opt to use a simplified method for computing their home-office deduction.  Our Bergen County CPA office offers you insight to this. Instead of complex calculations for allocating expenses, the simplified method allows $5 a square foot for up to 300 square feet for… (more…)

IRS Announces Simplified Option for Claiming Home Office Deduction

  IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours A Year The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.… (more…)

2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical and Moving

The Internal Revenue Service has issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • 56.5 cents per mile for business miles driven… (more…)