The tax season is almost here and Certified Public Accountants continue to watch the news on “fiscal cliff” updates. The tax season could become more difficult for tax payers as the news on tax credits continues to be up in the air. In order to minimize any liability, folk need to pay attention to miscellaneous deductions. No matter how small or insignificant you may feel they are, the sum of all the “other” deductions may help a great deal on your final tax return.
The IRS provides standard deductions for every tax payer. Depending on your filing status and how many dependents can be claimed, the deduction is often a decent amount. All itemized deductions are reported on Form 1040 Schedule A. There are also some “miscellaneous deductions” which can also be claimed on this for. Meet with your local … [Read the rest]