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Does your tax preparer study the tax code for ways

 to REDUCE your total income tax bill?

Just ask yourself the following:

1.  Are you deducting all of your medical expenses each year (not on Schedule A, Itemized Deductions, where they must exceed 7.5% of Adjusted Gross Income)?

2.  Are you deducting your "vacations"?  There is a way to make the travel expenses deductible.

3.  Are you currently claiming tax deductions for funding your children's weddings, music lessons, allowances, school clothing, braces, etc.??

4.  Are you deducting your rent, mortgage interest, real estate taxes, roof repairs, new carpeting, landscaping, utilities, cleaning supplies, etc. in a home business?

5.  Are you deducting most of your entertainment expenses?

6.  Are you claiming deductions for cell phones, computers and printers, desks and other furniture, and supplies used for business?

7.  What about your retirement accounts?  Is an adequate tax deferred savings plan in place?

8.  Did you know you may be throwing $1 out the window for every 2 miles you drive?  Indirectly, you are doing just that if you're not deducting the business use of your car!

9.  If you currently use one car for business purposes, are you aware that spreading the same total business mileage between 2 vehicles could increase your vehicle deductions, thus putting more money back into your pocket?  Has your software or current return preparer ever shown you this?

10.  You may have been told that you can not deduct net losses every year because of the "hobby loss" rules.  Did you know that there is a way to set up your business that allows you deduct losses EVERY year, not just in 2 out of 5 years?

If you answered "NO" to any of these 10 questions, does this concern you?  How much money are you needlessly giving away to the IRS every year?

Tax return software and most tax return preparers will not help you get these deductions!  The ever-expanding, ever-changing tax code is over 18,000 pages in length containing over 5,000,000 words.  If you want to keep your tax bill to a legal minimum, you need someone with knowledge of that tax code. 

You see, you would not go to a foot doctor for lasik surgery on your eyes, and you would not go to a bankruptcy attorney if you were charged with a homicide.   So why go to just anyone when it comes to filing your income tax returns??  Many people can fill out tax forms.  However, you should find someone who will also advise you and work with you on what you can do to minimize your tax bill.

David Schnaufer, CPA is a home-business tax consultant.  His knowledge can help you put more money in your pocket - by helping you keep it - legally and ethically.  He is someone you can trust.