Stacy’s Tax Tips
Those of you that are out looking for work should keep in mind that expenses for looking for a new job are deductible. They have to exceed 2% of your adjusted gross income so ask your preparer to see if you qualify. Many of you already know that medical is often hard to deduct as it has to exceed 7.5% of your adjusted gross in-come. Those of you with Cobra or who have extra expense due to illness should remember to have their preparer see if they would qualify if circumstances change.
Please keep in mind that if you receive unemployment, it is taxable. I advise my clients to call me so I can prepare an estimate and advise them of the amount, if any, that they may owe for federal and state.
Are you paying for more than 50% of your parent’s expenses? You may be able to claim them on your tax return and save some money.
Call me for all of your accounting and tax needs! If you have a topic of interest, call me and I will try to include it in my tax tips. I can be reached at 718-318-8829 or visit my website at www.sandcpa.com. We are located at 438 Beach 129 Street, 2nd Floor and celebrating our 3rd year in Rockaway. Hope you had a Happy St. Patrick’s Day!