Tax Tips Deduction Checklist

Your Home

• Mortgage interest

• Real estate taxes

• Points paid by you on a new home loan

• Points paid by seller on your behalf

• Points paid on refinancing (pro rata over life of loan)

• Remaining un deducted points on first refinancing when you refinance a second time

• Home office expenses, if you qualify

• Home improvements done for medical reasons, to extent home's value isn't increased

• Costs of moving to a new home, if your move is job-related and meets qualifications


YOUR WORK

• Union and professional dues

• Continuing professional education expenses

• Job-related education expenses

• Job hunting travel and phone expenses

• Job counseling fees

• Small tools used in your job

• Uniforms or special work clothing

• Child care costs while you work, seek work, or attend classes

• Unreimbursed employee business expenses such as business travel, business meals, and business entertainment


YOUR INVESTMENTS

• Fees for investment advice

• Subscriptions for investment-related publications

• Travel to manage investment property

• Capital losses

• Loss for worthless investments

• Suspended passive losses

• Interest expense (limited)

• Penalty for early withdrawal of savings

• IRA trustee fees, if billed and paid separately

• Amortization of premiums on taxable bonds


YOUR FAMILY

• Child and disabled-dependent care costs

• Alimony paid

• Additional standard deduction if blind or over age 65

• Special schools for a handicapped child


MEDICAL EXPENSES

• Health insurance premiums

• Unreimbursed healthcare expenses

• Auto mileage to obtain medical care

• Lodging on trips for medical care

• Eyeglasses, contact lenses, and lens insurance

• Chiropractic treatments

• Extra cost of Braille publications

• False teeth, hearing aids

• Braces, crutches, wheelchairs, and similar devices

• Drug or alcohol abuse treatment

• Medical expenses of a parent for whom you provide over 50% support

• Cost of nursing home where medical treatment is principal reason for stay


CHARITABLE GIVING

• Cash contributions

• Fair market value of property contributed

• Actual expense of mileage rate for driving in charitable work

• Out-of-pocket expenses of charitable work (no deduction for your services)


MISCELLANEOUS EXPENSES

• Fees for tax planning and preparation

• Personal property taxes

• Casualty and theft losses, within limits

• State and local income taxes

• Gambling losses to extent of winnings


Why Suresh Patel CPA?

Rich and unmatched experience in taxation, public accounting and Payroll Services

We bring about 20 years of experience in Accounting, Taxation, Financial consulting and Payroll Services.

Timely and Accurate Consulting

Be rest assured about your Corporate, Payroll and Sales Tax returns. We make sure you know the proper amounts to pay and when and how to pay them. If you do receive IRS notices, we will respond to them at no cost to you.

Personalized Services

Customer Satisfaction is our motto. You will continue to work with the same set of our staff person on an ongoing basis. We accommodate your time constraints and are available to serve you after hours and during weekends.

We don't 'Nickel and dime' our clients

Our Consulting services are provided at an affordable fixed fee. There are no unpleasant surprises. We don't watch the clock while we are consulting on Accounting or Tax matters.

Call us today at 973-316-6500 to set up an appointment.