Finding every tax deduction for which you qualify is like finding money.

Whether personal deductions or business deductions, allow us to help you maximize your return. 

Tax deductions generally come in two categories - those you can take only if you itemize on Schedule A and those you can take even if you don't itemize (you take the standard deduction instead).  To make the most of your deductions every year, start by reviewing your prior year's tax return.  Identify each write-off and determine whether you're entitled to the same type of deduction for the current year.  Be sure to review your activities during the year, since out-of-the-ordinary events sometimes trigger tax deductions.  For example, you may be entitled to additional write-offs if you bought or sold a home, refinanced a mortgage, or suffered a casualty loss in a federally declared disaster area during the year.

Office Work

Record keeping is very important

Protect your deductions by keeping the documentation you need to support them.  This includes billings, receipts, credit card statements, cancelled checks, and the like.  If you do not have the adequate substantiation for a tax deduction, you may lose the deduction and pay more tax as a result.

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Your home

  • Mortgage Interest

  • Real Estate (Property) Taxes

  • Points paid for a new home loan, refinancing, or any remaining un-deducted points for a refinance or loan pay off

  • Home improvements done for medical reasons, to the extent that the home value is not increased  

  • Home office expenses, if self employed and you meet the qualifications

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Your investments

  • Travel to manage investment property

  • Capital losses

  • Loss for worthless investments

  • Suspended passive losses

  • Interest expense (limited)

  • Penalty for early withdrawal of savings

  • Contribution to Traditional IRA

  • Contribution to SEP, SIMPLE, or 401(k) plan

  • Amortization of premiums on taxable bonds

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Medical Expenses

  • Health insurance premiums

  • Unreimbursed health care expenses (any out-of-pocket including co-pays)

  • Lodging and mileage for trips for medical care

  • Glasses or contacts

  • Chiropractic treatments

  • Prescribed weight-loss programs

  • Braces, dentures, or other dental treatments

  • Hearing aids, crutches, walkers, wheelchairs, and similar medical accommodating devices

  • Drug and alcohol abuse treatment

  • Prescription drugs, prescribed supplements, or programs to quit smoking

  • Medical expenses if a parent for whom you provide over 50 percent support

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

  • Contributions to an HSA (Health Savings Account)

Volunteers

Charitable Giving

  • Cash contributions

  • Fair market value of property contributed (vehicles limited to actual selling price)

  • Actual expense or mileage rate for driving in charitable work

  • Out-of-pocket expenses of charitable work

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Your family and work

  • Special schools for a handicapped child

  • Childcare expenses

  • Student loan interest

  • Alimony paid (for agreements made prior to 2019)

  • 50 percent of self-employment tax

  • Health insurance premiums, if self employed

Credit Assessment

Other deductions

  • Additional standard deduction if blind, or age 65 or older

  • Personal property taxes such as registration fees (license plate renewals)

  • Casualty losses in a federally declared natural disaster area

  • Gambling losses to the extent of winnings

  • Foreign taxes paid